Certain assets of colleges and universities tax on certain growth establishment and special revenue fund account establishment

This bill imposes a tax on the annual growth of assets held by large Minnesota colleges and universities. It applies to institutions with over $100 million in assets, at least 500 tuition-paying students, and more than half of those students located in Minnesota. The tax rate (15% to 25%) depends on the institution’s per-student asset value, calculated by dividing total assets by the number of tuition-paying students. Revenue from this tax will fund a dedicated "Higher Education Assets Growth Account" in the state’s special revenue fund, which will support state grant programs for higher education. The tax takes effect for taxable years beginning after December 31, 2025.