SF 3120 Minnesota Senate · 2025-2026 Regular Session

Certain counties children's savings account program for higher education and pilot grant project establishment and appropriation

SF 3120 establishes a statewide program creating automatic savings accounts ("MinneKIDS accounts") for Minnesota children under 18 born on or after July 1, 2026. The state commissioner will open these accounts within 90 days using birth data, notify parents annually about options to opt out or qualify for additional seed deposits (up to $500 for low-income households), and manage investments. Funds in these accounts - held by the state until used for higher education - remain forfeitable if unused by age 26. The bill also creates grants for local partners to help implement the program and requires annual reporting.

Bill status in committee 1 of 4 stages cleared

Introduction

Apr 2025

Committee Review

Floor Vote

Governor

Introduced Apr 1, 2025 Last action Apr 15, 2026

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What changed between versions

Introduction → 1st Engrossment · 7 edits · Mar 26, 2026

MODERATE

The bill was revised to narrow its scope from a statewide program to a pilot program focused on specific counties, with a new requirement for a one-to-one local match on grants. It also removed the automatic $50 seed deposit for low-income families and added a new effective date of August 1, 2028, for the main program while establishing a one-time $300,000 appropriation for the pilot phase.

Scope change

The bill's scope changed from a statewide initiative to a pilot program limited to Stearns, Wright, Sherburne, Rice, Benton, Ramsey, and Hennepin counties, with specific eligibility criteria for Hennepin and Ramsey residents based on the mother's Medicaid status.

SCOPE

The program is now limited to a pilot in specific counties rather than being statewide, with distinct rules for urban and rural areas.

ELIGIBILITY

Eligibility for children in Ramsey and Hennepin counties now requires the biological mother to be eligible for medical assistance (Medicaid).

FISCAL

Automatic $50 seed deposits for all children and additional $50 deposits for low-income households were removed.

A one-time appropriation of $300,000 was added for the pilot program grants, available until June 30, 2027.

REQUIREMENT

New grants require a one-to-one local match from non-state sources to support the pilot program.

The definition of 'MinneKIDS affiliate' was changed to remove the ability to receive grant money, focusing only on contributions to accounts.

TIMELINE

The main program is now set to become effective on August 1, 2028, instead of immediately.

Floor votes

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No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 26, 2026

Upper · Passed

Comm report: To pass as amended and re-refer to Health and Human Services

upper

Apr 1, 2025

Committee

Referred to Higher Education

upper

Apr 1, 2025

Introduced

Introduction and first reading

upper

1 primary · 2 co-sponsors