Bill > SF3248

This bill establishes a new participation fee for colleges and universities with significant assets, creating a mechanism to generate revenue for higher education financial aid. The bill defines "applicable educational institutions" as eligible schools with over $100 million in total assets, at least 500 tuition-paying students, and more than 50% of students located in Minnesota. These institutions will be required to pay a tiered fee based on their per-student asset levels: 15% for per-student assets between $74,999 and $150,000, 20% for assets between $150,000 and $250,000, and 25% for assets over $250,000. To be eligible for student aid programs, these institutions must pay the fee by May 30 for the upcoming academic year. The bill also creates a new "higher education assets growth account" in the state treasury, where the collected fees will be deposited and can be used for the state grant program. The revenues generated will not be canceled at the end of a fiscal year but will remain available for future expenditures. The provisions will take effect for taxable years beginning after December 31, 2025, and will apply to student financial aid for the 2026-2027 academic year.

Education

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3248&ssn=0&y=2025