SF 3431

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/25/2022 10:26am

A bill for an act
relating to higher education; providing an income tax subtraction for certain grants;
increasing funding for the emergency assistance for postsecondary students
program; amending Minnesota Statutes 2020, section 290.0132, by adding a
subdivision; Laws 2021, First Special Session chapter 2, article 1, section 2,
subdivision 24.

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

Section 1.

Minnesota Statutes 2020, 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.

Laws 2021, First Special Session chapter 2, article 1, section 2, subdivision 24, is
amended to read:

Subd. 24. Emergency Assistance for Postsecondary Students

269,000

deleted text begin 269,000 deleted text end new text begin 800,000 new text end

(a) This appropriation is for 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.

(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.

(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.

(d) The base for this appropriation is deleted text begin $319,000 deleted text end new text begin
$800,000 new text end in fiscal year 2024 and later.