Reimburst the expense of two years of in-state college tuition.

 

The purpose of this bill is to broaden the accessibility of in-state college to then promote more college graduates in

the state of Minnesota. By reimbursing students on the first two years of their college tuition it can help provide a

more rounded start after college through decreased debt.

 

College graduates are known to improve the economy through their productivity and contributions to the economy. Through

higher earning potential it can lead to increased tax revenue and consumer spending. They can also contribute through

growth by innovation, entrepreneurship and specialized skills. To have more college graduates in the state of Minnesota

means better potential for the economy.

 

College Tuition- The fee charged by educational institutions for service and instruction of College, the overall price

of College.

Reimbursement- Individuals are paid back an expense that they had paid out of their own pocket

In-State Colleges - In the context of Minnesota it refers to colleges found in Minnesota

 

This Act will be funded by Allocation of the state budget as well as taxes. These taxes are an individual scale tax and

a corporate tax which will only apply to corporations with a profit of 1 million dollars or over found in the state.

This corporate tax would be a 1% tax that would go directly to funds of the two year reimbursement program. The

individual maximum tax would also be that of 1.5%.

 

If a college undergraduate student decides to switch from in-state college to an out of state college they will be

disqualified from reimbursement. As well as if an undergraduate decides to drop out of college and does not pursue their

designated college degree they will also not receive reimbursement. If a college graduate decides to leave Minnesota as

their state of residency during the one year waiting period of reimbursement, reimbursement will be canceled.

 

Funding for the bill will be effective immediately as the signature of the governor is granted and all requirements may

be enacted one year upon signature.