Bill
Bill > SF2850
summary
Introduced
03/13/2023
03/13/2023
In Committee
03/13/2023
03/13/2023
Crossed Over
Passed
Dead
05/20/2024
05/20/2024
Introduced Session
93rd Legislature 2023-2024
Bill Summary
A bill for an act relating to education; establishing a statewide children's savings account program for higher education and business training; establishing local partner start-up and expansion grants; requiring a report; appropriating money; proposing coding for new law as Minnesota Statutes, chapter 119C.
AI Summary
This bill establishes the Minnesota Kids Investment and Development Savings (MinneKIDS) program, which provides a $50 or $100 seed deposit for eligible children born on or after July 1, 2024 who are Minnesota residents at the time of kindergarten entry, with higher deposits for children from low-income households. The program is administered by Youthprise and allows participants to make additional contributions to the child's account, which can be used for qualified higher education expenses or business education programs. The bill also creates a grant program to support the start-up or expansion of local children's savings account programs that align with the statewide MinneKIDS program. Appropriations are provided for the program's implementation and administration.
Committee Categories
Budget and Finance
Sponsors (5)
Liz Boldon (D)*,
Julia Coleman (R),
Steve Cwodzinski (D),
Erin Maye Quade (D),
Clare Oumou Verbeten (D),
Last Action
Referred to Education Finance (on 03/13/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2850&ssn=0&y=2023 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=SF2850&version=0&session=ls93&session_year=2023&session_number=0&format=pdf |
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