This bill proposes an amendment to the Minnesota Constitution to restrict increases in state spending. Specifically, it would limit any biennial increase in state spending to no more than the combined rates of inflation and population growth for the state. Exclusions to this rule include federal funds, taxpayer refunds, reserve transfers, public-approved expenditures post-2024, and expenditures from gifts or court-ordered damages. The proposal also outlines how inflation and population growth are to be calculated. If the state collects more revenue than allowed under this cap, the excess must be returned to taxpayers through property tax refunds or permanent tax rate reductions. However, the legislature can exceed this spending cap if 60% or more of both legislative bodies agree. The amendment will be put to a vote by the public in the 2026 general election.