MN SF431

Adds a new income tax subtraction for the portion of emergency grants to postsecondary students that is not used for qualified tuition and related expenses, effective for taxable years beginning after December 31, 2021.

Appropriates $800,000 in fiscal year 2024 and $800,000 in fiscal year 2025 from the general fund to the commissioner of the Office of Higher Education for emergency assistance grants.

Grants shall be allocated on a matching basis to eligible Minnesota institutions with demonstrable homeless student populations.

Emergency grant funds must address immediate student needs including housing, food, and transportation to prevent students from leaving their program or not completing the term.

Office of Higher Education shall partner with postsecondary institutions, state agencies, and student groups to establish the programs and determine the application process and grant amounts.