HF 467

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/09/2023 08:55pm

A bill for an act
relating to higher education; providing an income tax subtraction for certain grants;
appropriating money for the emergency assistance for postsecondary students
program; amending Minnesota Statutes 2022, section 290.0132, by adding a
subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2022, section 290.0132, is amended by adding a subdivision
to read:

new text begin Subd. 31. new text end

new text begin Emergency assistance for postsecondary student grants. new text end

new text begin The portion of
an emergency grant for postsecondary students that is not used for qualified tuition and
related expenses, as defined in Internal Revenue Code section 117, paragraph (b), clause
(2), is a subtraction.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2021.
new text end

Sec. 2. new text begin APPROPRIATION.
new text end

new text begin (a) $800,000 in fiscal year 2024 and $800,000 in fiscal year 2025 are appropriated from
the general fund to the commissioner of the Office of Higher Education to allocate grant
funds on a matching basis to eligible institutions as defined under Minnesota Statutes, section
136A.103, located in Minnesota with a demonstrable homeless student population.
new text end

new text begin (b) This appropriation shall be used to meet immediate student needs that could result
in a student not completing the term or their program, including but not limited to emergency
housing, food, and transportation. Institutions shall minimize any negative impact on student
financial aid resulting from the receipt of emergency funds.
new text end

new text begin (c) The commissioner shall determine the application process and the grant amounts.
The Office of Higher Education shall partner with interested postsecondary institutions,
other state agencies, and student groups to establish the programs.
new text end