Assembly Bill 505 establishes a veterinary loan repayment grant program administered by the Higher Educational Aids Board (HEAB) to assist veterinarians working in rural counties with repaying their educational loans. Eligible applicants include individuals in their final year of an accredited veterinary medicine program or those who have graduated within the last seven years. To qualify for a grant, applicants must have at least $25,000 in educational debt and secure full-time employment as a Wisconsin-licensed veterinarian in a rural county for at least one year. The maximum grant amount is capped at $25,000 per year of qualifying employment, with a total limit of $100,000.

Additionally, the bill includes a provision that exempts grant amounts received from the program from taxation, as outlined in the new section 71.05 (6) (b) 58. This exemption applies to amounts received in taxable years beginning after December 31, 2024. The program aims to encourage veterinarians to practice in rural areas, thereby addressing the shortage of veterinary services in those regions.