The proposed bill establishes the MinneKIDS program, a statewide children's savings account initiative aimed at promoting higher education in Minnesota. It amends Minnesota Statutes 2024, section 136G.03, to introduce new definitions and provisions, including the creation of "Children's higher education investment accounts" and "MinneKIDS accounts." The bill mandates the commissioner to create these accounts for eligible children, notify parents or guardians, and make initial seed deposits. It also outlines account management processes, including closures and forfeiture of funds if not utilized by the time the beneficiary reaches 26 years of age.

In addition to the savings accounts, the bill establishes a MinneKIDS local partner grant program to support local entities in enhancing college readiness and participation in the program. Eligible organizations, such as local governments and nonprofits, can apply for grants to develop outreach and education initiatives. The commissioner will oversee the grant program, ensuring adherence to grant management requirements and prioritizing outreach in underrepresented regions, including Tribal nations and areas outside the metropolitan region. The bill also requires the commissioner to submit reports by February 15, 2028, detailing the program's implementation and effectiveness, along with appropriations from the general fund for both the children's accounts and the local partner grant program.

Statutes affected:
Introduction: 136G.03