A college savings plan known as “the Minnesota college savings plan” or “the Minnesota 529 college savings plan” is established. In establishing this plan, the legislature seeks to encourage individuals to save for postsecondary education by:

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Terms Used In Minnesota Statutes 136G.01

  • Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44

(1) providing a qualified tuition plan under federal tax law; and

(2) encouraging individuals, foundations, and businesses to provide additional grants to participating students.