This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0460 - Revises MOSTARS Higher Education Savings Program
SB 460 - Fiscal Note

COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION

FISCAL NOTE

L.R. NO.: 1588-04

BILL NO.: Truly Agreed To And Finally Passed SB 460

SUBJECT: Education, Higher: Savings Program

TYPE: Original

DATE: April 23, 1999


FISCAL SUMMARY

ESTIMATED NET EFFECT ON STATE FUNDS

FUND AFFECTED FY 2000 FY 2001 FY 2002
None $0 $0 $0
Total Estimated

Net Effect on All

State Funds

$0 $0 $0



ESTIMATED NET EFFECT ON FEDERAL FUNDS

FUND AFFECTED FY 2000 FY 2001 FY 2002
None $0 $0 $0
Total Estimated

Net Effect on All

Federal Funds

$0 $0 $0



ESTIMATED NET EFFECT ON LOCAL FUNDS

FUND AFFECTED FY 2000 FY 2001 FY 2002
Local Government $0 $0 $0

Numbers within parentheses: ( ) indicate costs or losses

This fiscal note contains 3 pages.

FISCAL ANALYSIS

ASSUMPTION



Officials from the State Treasurer's Office, Office of Administration, Department of Economic Development-Division of Job Development and Training, Harris-Stowe State College, Missouri Western State College and Linn State Technical College assume the proposal would result in no fiscal impact to the agencies.

Officials from the Coordinating Board For Higher Education (CBHE) assume the changes in the proposal are technical corrections to ensure the plan's compliance with Internal Revenue Service regulations. These changes do not substantively change the existing statute or operation of the program. Therefore, no fiscal impact would result.

FISCAL IMPACT - State Government FY 2000 FY 2001 FY 2002
(10 Mo.)
0 0 0
FISCAL IMPACT - Local Government FY 2000 FY 2001 FY 2002
(10 Mo.)
0 0 0
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.


DESCRIPTION

The proposal would change the name of the MOSTARS Higher Education Savings Program to the Missouri Higher Education Savings Program. The proposal would also make technical revisions to the program to comply with the Internal Revenue Service.

This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.





SOURCES OF INFORMATION

Coordinating Board For Higher Education

State Treasurer's Office

Office of Administration

Department of Economic Development-Division of Job Development and Training

Harris-Stowe State College

Missouri Western State College

Linn State Technical College

NOT RESPONDING: Department of Revenue

Jeanne Jarrett, CPA

Director

April 23, 1999