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Story summary
- Minnesota lawmakers are evaluating a 1% annual wealth tax on assets over $10 million under HF 4616.
- The proposal would require annual evaluation of taxable wealth, similar to the federal estate tax.
- Minnesota Department of Revenue estimates the tax could raise $288 million in fiscal year 2027 and affect about 5,600 residents.
- House Speaker Lisa Demuth (R) opposes the measure, and the legislative session must conclude by May 18, 2026.
