SB 529-FN - AS INTRODUCED
2020 SESSION
20-3071
04/06
SENATE BILL 529-FN
SPONSORS: Sen. D'Allesandro, Dist 20; Sen. Kahn, Dist 10; Sen. Feltes, Dist 15; Sen. Soucy, Dist 18
COMMITTEE: Finance
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ANALYSIS
This bill establishes a workforce development student debt relief program and fund, and authorizes a portion of funds in the New Hampshire excellence in higher education trust fund to be used for this new program.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
20-3071
04/06
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Governor's Scholarship Program and Fund; Definitions. Amend RSA 4-C:31, I to read as follows:
I. "Commission" means the college tuition savings plan [advisory] scholarship commission established in RSA 195-H:2.
2 Application of Receipts; New Hampshire Excellence in Higher Education Trust Fund. Amend RSA 6:12, I(b)(115) to read as follows:
(115) Moneys deposited in the New Hampshire excellence in higher education [endowment] trust fund established under RSA 6:38.
3 New Hampshire Excellence in Higher Education Trust Fund. Amend the subdivision heading preceding RSA 6:37 and RSA 6:37 through RSA 6:43 to read as follows:
New Hampshire Excellence in
Higher Education [Endowment] Trust Fund
6:37 Definitions. In this subdivision:
I. "Commission" means the New Hampshire college tuition savings plan [advisory] and scholarship commission established in RSA 195-H.
II. "Eligible educational institution" means that which is defined in section 529 of the Internal Revenue Code, as amended.
III. "Trust fund" means the New Hampshire excellence in higher education [endowment] trust fund as established in this chapter.
6:38 New Hampshire Excellence in Higher Education [Endowment] Trust Fund Established.
I. There is hereby established [in the office of the treasurer] the New Hampshire excellence in higher education [endowment] trust fund which shall be kept distinct and separate from all other funds. Annual assessments less any annual administrative costs received from the New Hampshire college tuition savings plan and scholarship commission established under RSA 195-H shall be [credited to the trust fund to provide scholarships for the benefit of residents of the state pursuing programs of study at eligible educational institutions within the state] allocated in the following order:
(a) Fifty percent shall be used to provide direct scholarships to New Hampshire residents attending New Hampshire institutions of higher education; and
(b) From the remainder:
(1) The sum of $2,000,000 annually shall be used for the UNIQUE endowment allocation program; and
(2) Any remaining funds shall be credited to the workforce development student debt relief fund established in RSA 162-T:3 for the purpose of providing student debt relief.
II. The state treasurer shall be the trustee of the trust fund established in this chapter, and shall invest the trust fund in accordance with RSA 6:8. Any earnings on trust fund moneys shall be added to the trust fund.
III. All moneys in the trust fund shall be nonlapsing and shall be continually appropriated to the commission for purposes of providing education scholarships under this subdivision and student debt relief pursuant to RSA 162-T.
6:39 Administration.
I. The trust fund shall be administered by the New Hampshire college tuition savings plan [advisory] and scholarship commission established in RSA 195-H:2.
II. The commission shall have the authority to institute promotional programs and to solicit and receive gifts or donations of any kind for the purpose of supporting educational scholarships within the trust fund. Notwithstanding any provision of law to the contrary, the commission may accept gifts to the trust fund including, but not limited to, cash gifts and real or personal property, without the approval of the governor and council.
III. All gifts, grants, and donations of any kind shall be credited to the trust fund.
IV. The commission may enter into agreements with existing departments or agencies, as it deems necessary, to administer the scholarship application, qualification, and award process.
V. No more than one percent of the total amount of scholarships awarded from the trust fund in any fiscal year shall be used for administrative expenses, except upon approval of the commission.
6:40 Rulemaking. The commission shall adopt rules, pursuant to RSA 541-A, relative to:
I. Establishing minimum qualifications of direct scholarship applicants.
II. Instituting a direct scholarship application process, which includes but is not limited to requiring that all applicants complete a formal scholarship application on appropriate forms to be developed by the commission and time frames for the application process.
III. Procedures for awarding and disbursing direct scholarships.
IV. Procedures for determining the amount of funds available to provide annual direct scholarships through the trust fund.
V. Any other issue which the commission deems relevant to the implementation and administration of the scholarship program.
VI. Requiring disclosure regarding any scholarship funds, or portion thereof, which are or may be returned to the trust fund.
6:41 Scholarships; Eligibility.
I. The commission shall determine all scholarship awards in a fair and equitable manner to eligible residents of this state who have satisfactorily met the minimum qualifications established by the commission. Scholarships shall be granted on the basis of merit and need.
II. All scholarships awarded by the commission under this subdivision shall be for the period of one academic year or equivalent and in specified amounts of not less than $100 per fiscal year within the limits established by the commission.
III. No scholarship shall be in excess of the tuition assessed to the student for the academic period in which the scholarship is received.
IV. No person to whom a scholarship is awarded shall be restricted as to the choice of institutions or programs within the state provided the institution selected by the student is an eligible educational institution. Scholarships may be used at public or private institutions by full-time or part-time students enrolled in undergraduate or graduate level programs.
6:42 Certification of Available Funds. By April 1 of each year, the commission shall determine the funding level available for scholarships for the next academic year and shall certify such amount to the state treasurer.
6:43 Report. By November 1 of each year, the commission shall prepare a report regarding the status of the trust fund. Such report shall be submitted to the president of the senate, the speaker of the house of representatives, the governor, and the state library, and shall be posted to the state government Internet site.
4 Workforce Development Student Debt Relief Program. Amend the chapter heading of RSA 162-T to read as follows:
[REGENERATIVE MANUFACTURING]
WORKFORCE DEVELOPMENT STUDENT DEBT RELIEF PROGRAM
5 Workforce Development Student Debt Relief Program. Amend RSA 162-T:1 to read as follows:
162-T:1 Declaration of Need and Purpose. It is declared that there is a statewide need for the preservation and development of a skilled workforce for the betterment of the economy of the state[,] and its inhabitants[, and in particular for the development and preservation of a regenerative manufacturing workforce]. It is the purpose of this chapter to provide for the development, attraction, and retention of skilled, qualified, and productive workers within the state who will be capable of supporting the preservation, establishment, and redevelopment of business and industry, preserving or increasing the social welfare or economic prosperity of the state or its political subdivisions, and promoting the general welfare of the state's citizens. It is further declared that the business finance authority (hereinafter the "authority"), acting pursuant to the powers granted in this chapter shall be regarded as performing an essential governmental function in carrying out the provisions of this chapter.
6 Workforce Development Student Debt Relief Program. Amend RSA 162-T: