Minnesota SF5195 establishes a tax on individuals and organizations convicted of fraud, effective retroactively from December 31, 2019.

Minnesota SF5195 creates a tax on individuals and organizations convicted of fraud, including those who received compensation for participating in fraudulent activities. The tax applies to amounts obtained through fraud, with a rate of 100 percent. The commissioner of revenue is responsible for investigating potential fraud cases and determining the tax amount. The collected tax funds are deposited into the tax relief account, which is used for income or property tax relief. The bill is effective retroactively for fraud determinations made after December 31, 2019.

Minnesota SF5195 establishes a tax on individuals and organizations convicted of fraud, effective retroactively from December 31, 2019.

Minnesota SF5195 creates a tax on individuals and organizations convicted of fraud, including those who received compensation for participating in fraudulent activities. The tax applies to amounts obtained through fraud, with a rate of 100 percent. The commissioner of revenue is responsible for investigating potential fraud cases and determining the tax amount. The collected tax funds are deposited into the tax relief account, which is used for income or property tax relief. The bill is effective retroactively for fraud determinations made after December 31, 2019.