|SB 0140||Establishes the General Assembly Scholarship Program funded by a nonresident earnings tax|
|LR Number:||0133S.01I||Fiscal Note:||0133-01|
|Committee:||Ways and Means|
|Last Action:||01/14/03 - Second Read and Referred S Ways and Means Committee||Journal page:||S76|
|Effective Date:||January 1, 2004|
SB 140 - This act establishes the General Assembly Scholarship Program for the purpose of helping certain students pay fees at any public college or university in the state.
Student eligibility qualifications include: residency, successful completion of a core curriculum, high school graduation with a minimum 2.5 GPA, extracurricular activity involvement, a composite score on the ACT of at least 18 on the 1989 version or its equivalent, and certain financial needs.
Students from families with annual adjusted gross incomes of less than $25,000 are eligible for a full scholarship. Students from families with annual adjusted gross incomes of between $25,000 and $35,000 are eligible for partial scholarships on a sliding scale, and students whose families have an annual adjusted gross income of more than $35,000 are not eligible without a showing of hardship because of large medical bills.
The act sets requirements for a student to maintain the scholarship, including participation in a work study program. The Coordinating Board for Higher Education is designated to administer the program and make necessary rules and regulations.
The scholarship program shall be funded by a one percent per annum earnings tax on the salaries, wages, commissions and other compensation of nonresidents and on the net profits of associations, businesses, and other activities conducted by nonresidents. Organizations exempt from the earnings tax include religious, charitable, scientific or educational associations or corporations, civic groups organized to promote the social welfare and clubs organized for pleasure, recreation, or other nonprofit purposes.
Moneys from the earnings tax shall be deposited in the newly-created General Assembly Scholarship Program Fund. The Department of Revenue shall establish rules and regulations to collect and enforce the earnings tax.
The provisions of this act are effective January 1, 2004.
This act is identical to SB 790 from 2002.