The bill, S.B. No. 1701, aims to establish a new subchapter within the Education Code dedicated to the Health Care Professional Education Fund. It amends Section 62.003(1) to include Subchapter J, which defines "eligible institution" and outlines the purpose of the fund, which is to provide a dedicated source of funding for general academic teaching institutions to increase the production of health care professional degrees to meet workforce needs in Texas. The bill also introduces definitions for terms such as "fund," "general academic teaching institution," and "health care professional degree," and establishes the administration and investment of the fund by the Texas Treasury Safekeeping Trust Company.

Additionally, the bill details the eligibility criteria for institutions to receive distributions from the fund, the distribution process, and the allocation of appropriated funds. It specifies that 95% of the funds will go to a permanent endowment for health care professional education, while 5% will be allocated to a startup fund for new or expanded health care degree programs. The bill also outlines permissible uses for the funds, such as increasing enrollment capacity and providing faculty support. Importantly, the act will only take effect if a related constitutional amendment is approved by voters in 2025.

Statutes affected:
Introduced: Education Code 62.003 (Education Code 62)