FISCAL NOTE
Date Requested: February 21, 2023
Time Requested: 08:36 AM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2029 |
Introduced |
SB227 |
|
|---|
| CBD Subject: |
Professions and Occupations |
|---|
|
FUND(S):
na
Sources of Revenue:
Other Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to create the Promise for a Promise Act.
This bill would mandate that the Promise Scholarship be taken as a loan. This loan would be credited back to the recipient for each year that the recipient stays in the state after graduation. The recipient would be responsible for paying back the loan for whatever time period remains on the loan if they leave the state before the four-year period passes. This bill would be effective beginning on January 1, 2024 and would be administered by the Higher Education Policy Commission. According to data provided by the Higher Education Policy Commission, the average annual number of Promise Scholarship recipients over the four academic years of 2018 - 2021 was 10,005 and the average total dollar amount of scholarships awarded was $45.5 million.
This bill would not be administered by the Tax Commissioner. Administration of the provisions of this bill would be handled by the Higher Education Policy Commission. As a result, we cannot provide an analysis on the revenue impact of this bill.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2023
Increase/Decrease
(use"-") |
2024
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
This bill would mandate that the Promise Scholarship be taken as a loan. This loan would be credited back to the recipient for each year that the recipient stays in the state after graduation. The recipient would be responsible for paying back the loan for whatever time period remains on the loan if they leave the state before the four-year period passes. This bill would be effective beginning on January 1, 2024 and would be administered by the Higher Education Policy Commission. According to data provided by the Higher Education Policy Commission, the average annual number of Promise Scholarship recipients over the four academic years of 2018 - 2021 was 10,005 and the average total dollar amount of scholarships awarded was $45.5 million.
This bill would not be administered by the Tax Commissioner. Administration of the provisions of this bill would be handled by the Higher Education Policy Commission. As a result, we cannot provide an analysis on the revenue impact of this bill.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov