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ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1994 SESSION
HB 993 Virginia Higher Education Tuition Trust Fund.
Introduced by: William C. Mims | all patrons ... notes | add to my profiles
SUMMARY:
Virginia Higher Education Tuition Trust Fund. Establishes the Virginia Higher Education Tuition Trust Fund, administered by an eight-member board consisting of state education and financial officials and citizens. The Board is authorized to develop and enter into contracts with purchasers for advance payments of undergraduate tuition at two- and four-year public institutions of higher education in Virginia. The Fund would be established in the state treasury, invested in a variety of properties and obligations and would permit the purchase of tuition at a fixed, guaranteed level potentially lower than actual cost at the time of ultimate enrollment. Income earned on Fund investments would cover the difference between prepaid and actual tuition costs.
As trustee of the Fund, the Board is directed to serve as a prudent investor and is authorized to appoint an executive director and to employ an actuary. The Board is to develop guidelines and regulations for prepaid tuition contracts, including provisions for residency, withdrawal, transfer, termination, refunds, application of funds to out-of-state and private institutions, and any fees or penalties. Purchase of a prepaid tuition contract would not guarantee admission or continued enrollment in any institution. The Board would also be required to obtain favorable rulings from the Internal Revenue Service regarding the deferral of income earned on tuition prepayments and the exemption of Fund assets and earnings from federal taxation.
The measure has a delayed effective date of July 1, 1996; however, in the interim, the Secretary of Finance and the Director of the State Council of Higher Education are required to seek the required federal approvals and responses. The Board may be constituted prior to July 1, 1996 upon receipt of favorable IRS rulings.
FULL TEXT
- 01/25/94 House: Presented and ordered printed pdf
- 02/07/94 House: Committee substitute printed LD5136358 (HB993H1) pdf
- 03/16/94 House: Bill text as passed House and Senate (HB993ER) pdf
- 04/14/94 Governor: Acts of Assembly Chapter text (CHAP0661) pdf
AMENDMENTS
HISTORY
- 01/25/94 House: Presented and ordered printed
- 01/25/94 House: Referred to Committee on Education
- 02/03/94 House: Assigned to Education sub-committee: 4
- 02/07/94 House: Committee substitute printed LD5136358 (HB993H1)
- 02/07/94 House: Reported from Education with substitute (21-Y 0-N)
- 02/08/94 House: Read first time
- 02/09/94 House: Read second time
- 02/09/94 House: Committee substitute agreed to
- 02/09/94 House: Engrossed by House - committee substitute
- 02/10/94 House: Read third time and passed House (Block Vote) (99-Y 0-N)
- 02/10/94 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/10/94 House: Communicated to Senate
- 02/11/94 Senate: Read first time
- 02/11/94 Senate: Referred to Committee on Education and Health
- 02/24/94 Senate: Reported from Ed. & H. with amendments (12-Y 0-N)
- 02/25/94 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/25/94 Senate: VOTE: CONST. READING DISPENSED (38-Y 0-N)
- 02/28/94 Senate: Read third time
- 02/28/94 Senate: Reading of amendments waived
- 02/28/94 Senate: Committee amendments agreed to
- 02/28/94 Senate: Engrossed by Senate as amended
- 02/28/94 Senate: Passed Senate with amendments (39-Y 0-N)
- 02/28/94 Senate: VOTE: PASSAGE (39-Y 0-N)
- 03/01/94 House: Placed on Calendar
- 03/02/94 House: Senate amendments agreed to by House (98-Y 0-N)
- 03/02/94 House: VOTE: ADOPTION (98-Y 0-N)
- 03/16/94 House: Bill text as passed House and Senate (HB993ER)
- 03/28/94 House: Enrolled
- 03/28/94 House: Signed by Speaker
- 03/29/94 Senate: Signed by President
- 04/10/94 Governor: Approved by Governor-Chapter 661 (effective 7/1/94)
- 04/14/94 Governor: Acts of Assembly Chapter text (CHAP0661)