MN HF2990

Commissioner of Revenue establishes a tax time savings grant program to fund nonprofit organizations integrating financial capability services into taxpayer assistance delivery through VITA and TCE programs.

Eligible applicants must be 501(c)(3) organizations registered with the IRS as VITA or TCE providers and dedicate at least one staff or volunteer position to offer free assistance with opening savings accounts, depositing tax refunds, and purchasing Series I savings bonds.

Grant recipients prohibited from receiving direct compensation or contingent funding from banks, credit unions, or financial services providers in exchange for offering their products, but may receive non-contingent funding from these entities.

$400,000 appropriated from general fund in fiscal year 2017 for the tax time savings grant program, with annual base funding of $400,000; up to 5% may be used for administration.

$400,000 additional appropriated in fiscal year 2017 for taxpayer assistance grants program under Minnesota Statutes section 270C.21, with annual base funding increased to $800,000 after fiscal year 2017.