This bill aims to strengthen the Increase Teachers of Color Act by making the pilot scholarship program for aspiring teachers of color permanent. It includes amendments to existing laws to enhance eligibility criteria, increase the maximum scholarship award from $25,000 to $30,000, and establish a special revenue fund account for the program. The bill also introduces provisions for applicants to apply for both the scholarship and an underrepresented student teacher grant, although they cannot receive awards from both programs in the same academic term unless sufficient funds are available. Additionally, it mandates the commissioner to submit annual reports detailing the scholarship program's outcomes.

Furthermore, the bill appropriates $10 million from the general fund for fiscal year 2025 to support the aspiring Minnesota teachers of color scholarship program. It specifies that a portion of this funding may be used for program administration. The bill also sets a base funding amount for related grant programs aimed at supporting educators of color and American Indian teachers, ensuring that these initiatives are adequately funded in future fiscal years. The revisor of statutes is instructed to codify the amended scholarship program into Minnesota Statutes.