This bill establishes the MinneKIDS program, a statewide children's savings account initiative aimed at promoting higher education in Minnesota. It amends Minnesota Statutes 2024, specifically section 136G.03, to introduce new definitions such as "Children's higher education investment account," "MinneKIDS account," and "eligible child." The bill outlines the responsibilities of the commissioner, including making seed deposits for eligible children and notifying parents or guardians about the program. Funds from these accounts can only be used for qualified higher education expenses, and any unutilized funds will be forfeited if not used by the time the beneficiary turns 26.

Additionally, the bill creates a MinneKIDS local partner grant program to assist local entities in enhancing college readiness and participation in the MinneKIDS program. Eligible organizations, including local governments and nonprofits, can apply for grants to develop local college savings initiatives. The commissioner is responsible for ensuring effective implementation and must consider factors such as funding availability, the number of children served, and community demographics when distributing grants. The bill also mandates the commissioner to submit detailed reports by February 15, 2028, on the program's implementation and includes appropriations from the general fund to support both the children's higher education investment account and the local partner grant program.

Statutes affected:
Introduction: 136G.03