The bill establishes a rural veterinarian loan repayment program aimed at supporting individuals who practice veterinary medicine in rural areas or veterinary shortage situations. It amends existing law to allow loan repayment recipients to notify the college student aid commission if they intend to fulfill their four-year practice requirement by securing new employment or establishing a practice in the same rural area. Additionally, the commission can grant waivers for recipients to complete their practice in different rural areas.

Furthermore, the bill introduces a provision that allows loan repayment recipients to exclude net income from their taxable income that is attributable to loan payments received under the program. This exclusion is capped at $15,000 per tax year and a total of $60,000 across all tax years, but cannot exceed the total amount of the recipient's outstanding eligible loan. These changes aim to incentivize veterinarians to serve in underserved areas while providing financial relief through tax benefits.

Statutes affected:
Introduced: 256.226, 422.7