HF3292

Purpose of the Bill

The purpose of this bill is to mandate a study on the economic impact of tariffs on Minnesota households and businesses. The study aims to understand how tariffs affect the local economy.

Main Provisions

• Study Requirement: The bill requires the Minnesota commissioner of management and budget to conduct a study in fiscal year 2026.
• Focus Areas: The study will analyze tariffs imposed by the United States and any retaliatory tariffs from other countries. It will measure economic impacts across two major dimensions:
  • Household Impact: The impact will be evaluated by income level.
  • Business Impact: Effects on businesses will be assessed by sector and size.
• Report Submission: A report detailing the findings of this study must be submitted by February 1, 2026, to the chairs and ranking minority members of specific legislative committees.

Significant Changes to Existing Law

• This bill introduces a new requirement for the state to conduct an economic impact analysis specifically focused on tariffs, which is not covered by existing laws.

Relevant Terms

• Economic impact
• Tariffs
• Retaliatory tariffs
• Minnesota households
• Business sectors
• United States tariffs