The bill proposes the transfer of $500,000,000 from the Educational Opportunities Reserve Fund for the fiscal year ending September 30, 2026. Specifically, it allocates $399,150,000 to the Renewing Alabama's Investment in Student Excellence (RAISE) Fund and $100,850,000 to the College and Higher Education Excellence and Results (CHEER) Fund. This transfer is made notwithstanding Section 29-9-4 of the Code of Alabama 1975, allowing for the funds to be appropriated for the continuation and expansion of the RAISE Act and to provide initial funding for the CHEER Act, contingent upon the enactment of House Bill 565 or Senate Bill 344 during the 2026 Regular Session.

The bill includes new legal language indicating the specific amounts being transferred and the purposes for which they will be used, while it does not delete any existing legal language. The act is set to take effect immediately upon passage and approval by the Governor or its otherwise becoming law. The bill was passed by the House on March 12, 2026, and subsequently passed by the Senate on April 2, 2026.

Statutes affected:
Introduced: 29-9-4, 16-13-362
Engrossed: 29-9-4, 16-13-362
Enrolled: 29-9-4, 16-13-362