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HF 3292

Study of economic impact of tariffs on Minnesotans required, and money appropriated.

2025-2026 Regular Session Introduced by Kaela Berg and 15 co-sponsors

HF 3292 would fund a one-year study to quantify how U.S. tariffs and retaliatory tariffs affect Minnesota households and businesses, with a report due Feb 1, 2026.

Authors added Elkins and Jones
#governmentaloperations-state #internationalrelations
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Bill Summary · HF 3292

Summary of HF 3292 (Session 2025-2026) — Minnesota

Purpose and Intent

  • HF 3292 proposes a study to assess the economic impact of tariffs on Minnesota households and businesses.
  • The bill directs the state to examine tariffs imposed by the United States and any retaliatory tariffs imposed by other countries, to understand how these tariffs affect Minnesota's economy.

Key Provisions

  • Appropriation and Funding

    • The bill would appropriate an amount from the General Fund to the Commissioner of Management and Budget in fiscal year 2026 for the tariff impact study.
    • The exact dollar amount is not specified in the bill text (shown as "$......."), indicating a placeholder in the provided document.

  • Scope of Study

    • The study must:
    • Examine tariffs imposed by the United States and retaliatory tariffs from other countries.
    • Quantify economic impacts for Minnesota households by income level and for Minnesota businesses by sector and size.

  • Output and Reporting

    • The Commissioner must prepare and submit a report by February 1, 2026.
    • The report must be shared with:
    • The chairs and ranking minority members of the House Committee on Ways and Means.
    • The Committee on Finance in the Senate.

Who Is Affected

  • Minnesota Households: The study will assess impacts across different income levels, highlighting how tariffs affect family budgets, consumer prices, and purchasing power.
  • Minnesota Businesses: The study will analyze impacts by industry sector and business size, potentially illuminating effects on costs, prices, import reliance, supply chains, and competitiveness.
  • State Government and Policymakers: The findings would inform fiscal and economic policy discussions, including potential legislative or regulatory responses.

Procedural and Timeline Details

  • Introduction and Referral: The bill was introduced and referred to the Committee on State Government Finance and Policy on May 5, 2025.
  • Reporting Deadline: A final study report is due by February 1, 2026.
  • Administration: The Minnesota Commissioner of Management and Budget would oversee the study.

Additional Context

  • The bill includes multiple sponsors and co-sponsors, indicating broad legislative interest.
  • Specific methodologies, data sources, and measurement metrics (e.g., household income brackets, industry classifications, or quantification methods for tariff impacts) are not detailed in the text provided and would be determined during the study design.

Bottom Line

HF 3292 would establish a one-year, state-financed study to quantify how U.S. tariffs and foreign retaliation tariffs affect Minnesota families and businesses, with a final report due in early 2026 to key legislative leaders. The absence of a specified funding amount in the posted text suggests the precise appropriation would be determined during the drafting or amendment process.

Compiled from official sources — confirm details with the bill’s official record.

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