Interstate Fiscal Sovereignty Compact adopted, reports required, and money appropriated.

Summary

The bill establishes a Federal Tax Escrow Fund in Minnesota’s treasury that must be kept separate from other state monies. Employers would be required to deposit all federal income, FICA, FUTA and other federal employment taxes they withhold into this fund, but only after the Interstate Fiscal Sovereignty Compact issues an activation order. The measure also directs the commissioner of revenue to set up a compliance process and requires the commissioner of management and budget to track deposits and earnings.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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