Plain English Breakdown
The plain English breakdown is still being put together. The official documents below are already here.
HF4951 • 2026
Tax on certain credit card interest income imposed.
Tax on certain credit card interest income imposed.
Taxes
Passed Legislature
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
Bill History
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2026-04-13
House
Introduction and first reading, referred to Taxes
Official Summary Text
Tax on certain credit card interest income imposed.
Current Bill Text
Read the full stored bill text
A bill for an act relating to taxation; corporations; imposing a tax on certain credit card interest income; proposing coding for new law in Minnesota Statutes, chapter 290. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. new text begin [290.034] EXCESS CREDIT CARD INTEREST INCOME TAX. new text end new text begin Subdivision 1. new text end new text begin Definitions. new text end new text begin (a) For purposes of this section, the following terms have the meanings given. new text end new text begin (b) "Annual percentage rate" has the meaning given in Code of Federal Regulations, title 12, part 226. new text end new text begin (c) "Credit card" means a card or device issued under an arrangement pursuant to which a financial institution gives to a cardholder the privilege of obtaining credit from the financial institution or other person in purchasing or leasing property or services, obtaining loans, or otherwise. A transaction is "pursuant to a credit card" only if credit is obtained according to the terms of the arrangement by transmitting information contained on the card or device orally, in writing, by mechanical or electronic methods, or in any other manner. new text end new text begin (d) "Finance charge" has the meaning given in Code of Federal Regulations, title 12, part 226. new text end new text begin (e) "Financial institution" means a state or federally chartered bank, a state or federally chartered bank and trust, a trust company with banking powers, a state or federally chartered savings bank, a state or federally chartered savings association, an industrial loan and thrift company organized under chapter 53, a regulated lender organized under chapter 56, or an operating subsidiary of any such institution. new text end new text begin (f) "Excess credit card interest income" means the aggregate amount of a financial institution's interest income included in gross income from credit card finance charges in excess of a ten percent annual percentage rate. For financial institutions subject to apportionment under section 290.17, subdivision 3, the aggregate amount must be multiplied by the financial institution's Minnesota apportionment percentage as determined under section 290.191 or 290.20. new text end new text begin Subd. 2. new text end new text begin Tax imposed. new text end new text begin In addition to the tax imposed under section 290.06, subdivision 1, a tax is imposed on a financial institution's excess credit card interest income at the rate of 100 percent. new text end new text begin EFFECTIVE DATE. new text end new text begin This section is effective for taxable years beginning after December 31, 2026. new text end