Kids Online Safety Act This bill sets out requirements for covered platforms (i.e., applications or services that connect to the internet and are likely to be used by minors) to protect minors from online harms. A covered platform must act in the best interest of a minor using its application or service. This includes a duty to prevent and mitigate heightened risks of harms that may arise from using the platform (e.g., sexual exploitation). Covered platforms must provide (1) a minor (or a parent) with certain safeguards, such as settings that restrict access to a minor's personal data; and (2) parents with tools to supervise the minor's use of a platform, such as control of privacy and account settings. A covered platform must also disclose specified information, including how, with respect to minors, the platform uses algorithms or targeted advertising. Further, a covered platform must (1) allow minors and parents to report certain harms, (2) refrain from facilitating advertising of products or services that are illegal to sell to minors, and (3) annually report on foreseeable risks of harm to minors posed by use of the platform. The bill provides for enforcement through the Federal Trade Commission and states. In addition, the bill establishes a program to facilitate relevant public interest research and a council to advise on the bill's implementation. It also requires guidelines for market and product research focused on minors and an evaluation of options for age verification at the device or operating system level.