The bill proposes an amendment to the Minnesota Constitution aimed at limiting state spending. If passed, it would restrict any increase in biennial state spending to not exceed the combined rates of inflation and population growth. Excluded from this spending cap are federal funds, excess revenue returned to taxpayers, certain transfers and expenditures, and court-ordered awards. The amendment defines "inflation" as measured by the Consumer Price Index specific to the Minneapolis-St. Paul-Bloomington area, and "population change" as estimated federally, adjusted every ten years based on the census. Should revenues exceed the capped limits, the excess must be returned to the taxpayers through property tax refunds or tax rate reductions. The legislature could override this spending cap with a 60% majority vote in each legislative body. The proposed amendment will be presented to voters in the 2026 general election as a simple yes or no question.