This bill establishes the MinneKIDS program, a statewide children's savings account initiative aimed at enhancing access to 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. It also details the conditions for using funds for qualified higher education expenses and the processes for account closures and forfeitures.

In addition to the savings accounts, the bill creates a MinneKIDS local partner grant program to support local entities in promoting college readiness. Eligible organizations, including local governments and nonprofits, can apply for grants to develop or enhance local college savings initiatives. The commissioner is responsible for ensuring compliance with grant management requirements and considering factors such as funding availability and community demographics when distributing grants. The bill emphasizes geographic diversity in funding allocation, particularly for Tribal nations and areas outside the metropolitan region. It also mandates the commissioner to submit reports by February 15, 2028, on the program's implementation and effectiveness, along with appropriations from the general fund for both the savings accounts and the grant program.

Statutes affected:
Introduction: 136G.03