MN SF2850

Establishes statewide MinneKIDS program providing $50 seed deposits to all eligible children born July 1, 2024 or later upon kindergarten entry, and $100 deposits for those from low-income households.

Creates individual savings accounts for eligible children with funds designated for qualified higher education expenses or business education program costs, with unused balances forfeited at age 26.

Establishes MinneKIDS Local Partner Grant Program providing minimum $100,000 grants to local governments, Tribal governments, nonprofits, and philanthropic entities to start new or expand existing children's savings account programs, with 50% of funding directed to greater Minnesota and Tribal nations.

Appropriates $3,570,740 for fiscal year 2024 (including $3 million for local partner grants) and $8,153,400 for fiscal year 2025 (including $4.62 million for seed deposits).

Designates Youthprise as program administrator, requires program implementation by July 1, 2024, and mandates progress reports to legislative education committees by February 15, 2026.