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Mini Kids bill would open 529 subaccounts for every Minnesota baby; sponsors plan technical work after layover
Summary
House File 2908 would create automatic child savings subaccounts (Mini Kids) under Minnesota’s 529 plan for babies born after mid-2026, with an initial seed deposit and additional incentives targeted at low-income families; committee discussion focused on fiscal notes, program design and existing local programs.
Representative Kathez Watoone presented House File 2908, the Minnesota Kids Investment and Development Savings Account (Mini Kids) proposal, to create state-initiated 529 subaccounts for children born after July 1, 2026.
Program structure described by sponsors and testifiers: the Office of Higher Education would open a 529 subaccount for each eligible child using birth data provided by the Department of Health and set up accounts within 90 days of birth. The plan outlined an initial deposit of $50 for all newborns and $100 for babies from low-income families; accounts…
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