MN HF1862

Amends Minnesota Statutes section 270C.21 to create a new grant program for nonprofit organizations providing financial capability services integrated with taxpayer assistance services through VITA and TCE programs.

Defines "financial capability services" to include account opening assistance, tax refund deposit assistance, credit counseling, financial coaching, matched savings programs, retirement planning referrals, and Series I Savings Bond purchases.

Requires grant applicants to be 501(c)(3) nonprofits registered with IRS as VITA or TCE programs and to dedicate at least one staff or volunteer position to coordinate financial services at no cost to program participants.

Prohibits applicants from receiving direct compensation or contingent funding from financial services providers in exchange for offering their products, but allows non-contingent funding with required disclosure.

Appropriates $400,000 in fiscal year 2020 and $400,000 in fiscal year 2021 to the commissioner of revenue for the grant program, with up to 5 percent available for program administration.