This bill establishes a children's savings account program for higher education in specific counties in Minnesota, creating a pilot grant program and requiring a report on its implementation. It amends Minnesota Statutes 2024, section 136G.03, by changing the range of sections from 136G.14 to 136G.16 and adding several new subdivisions that define terms such as "Children's higher education investment account," "Eligible child," "Low-income households," "MinneKIDS account," and "MinneKIDS affiliate." The bill outlines the creation of MinneKIDS accounts for eligible children, the process for parents or guardians to opt out, and the management of funds within these accounts, including investment and disbursement for qualified higher education expenses.

Additionally, the bill includes provisions for a pilot program that allocates $300,000 in fiscal year 2027 for grants to eligible entities serving diverse communities, such as urban, rural, and Tribal populations. These grants are intended for outreach, marketing, and financial education related to the MinneKIDS accounts. The commissioner of the Office of Higher Education is tasked with reporting on the program's implementation and the pilot program's outcomes by February 15, 2028, detailing expenditures, account openings, contributions, and recommendations for improvement.

Statutes affected:
Introduction: 136G.03
1st Engrossment: 136G.03