Minnesota bill HF3490 authorizes scholarship-granting organizations and sets eligibility criteria.

Minnesota bill HF3490 authorizes scholarship-granting organizations and sets eligibility criteria. These organizations must be nonprofit corporations exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code. They must comply with U.S. Department of Treasury rules and guidance, maintain separate accounts for qualified contributions, and spend at least 90% of income on student scholarships. The Department of Education must post a list of eligible organizations on its website.

Minnesota bill HF3490 authorizes scholarship-granting organizations and sets eligibility criteria.

Minnesota bill HF3490 authorizes scholarship-granting organizations and sets eligibility criteria. These organizations must be nonprofit corporations exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code. They must comply with U.S. Department of Treasury rules and guidance, maintain separate accounts for qualified contributions, and spend at least 90% of income on student scholarships. The Department of Education must post a list of eligible organizations on its website.