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MN SF3248
Bill
Status
4/3/2025
Primary Sponsor
Aric Putnam
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AI Summary
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Establishes a participation fee on asset growth for colleges and universities with total assets exceeding $100,000,000, at least 500 tuition-paying students, and more than 50% of students located in Minnesota
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Fee rates are tiered based on per-student assets: 15% for assets between $75,000-$150,000 per student, 20% for $150,000-$250,000, and 25% for assets over $250,000
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Creates a "higher education assets growth account" in the state special revenue fund, with collected fees appropriated to the commissioner for the state grant program
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Institutions must pay the fee by May 30 to remain eligible for students to receive state grant financial aid in the following academic year
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Effective for taxable years beginning after December 31, 2025, and applies to student financial aid starting with the 2026-2027 academic year
Legislative Description
Certain assets of colleges and universities certain growth participation fee establishment provision and special revenue fund account establishment provision
Last Action
Referred to Higher Education
4/3/2025