00RS HB462


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HB 462/FN (BR 1789) - F. Rasche

     AN ACT relating to education finance.
     Amend KRS 164A.300 to delete references to the endowment trust held by the Kentucky Educational Savings Plan Trust; amend KRS 164A.305 to delete definition of endowment trust; amend KRS 164A.310 to provide to delegate particular functions to the program administrator; amend KRS 164A.325 to add references to KRS 45A.345 to 45A.460 and make other technical changes; amend KRS 164A.330 to delete the requirement that a beneficiary must be under age 15 when an account is opened and to delete the requirement that payment of benefits must begin once the beneficiary reaches age 18; amend KRS 164A.335 to delete references to the endowment trust; amend KRS 164A.350 to state that the trust shall exercise ownership of all contributions made under participant agreements up to the date of the utilization of payment for the beneficiary and describe the reversionary rights of the participant; amend KRS 164A.360 to clarify that the trust has the option to establish a loan program, but borrowing from the trust is not an inherent right of participants; amend KRS 164A.375 to clarify that earnings in the trust not used for qualified educational expenses are not exempt from state taxation; outline methods for the Kentucky Higher Education Assistance Board to use in distributing funds from the endowment trust; make other technical changes to ensure compliance with Section 529 of the Internal Revenue Code.


     HCS - Retain original provisions and make technical corrections.
     SFA (1, D. Karem) - Amend KRS 164.7871 to 164.7889 to permit the transfer of a Kentucky Educational Excellence Scholarship or supplemental award to an eligible student who is enrolled in an approved out-of state institution degree program that is not available in Kentucky.

     Jan 25-introduced in House
     Jan 26-to Education (H)
     Jan 28-posted in committee
     Feb 16-reported favorably, 1st reading, to Calendar with Committee Substitute
     Feb 17-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Friday, February 18, 2000
     Feb 18-3rd reading, passed 97-0 with Committee Substitute
     Feb 22-received in Senate
     Feb 24-to Appropriations and Revenue (S)
     Mar 14-reported favorably, 1st reading, to Consent Calendar
     Mar 15-2nd reading, to Rules
     Mar 20-posted for passage in the Consent Orders of the Day for Tuesday, March 21, 2000
     Mar 21-taken from the Consent Orders of the Day, placed in the Regular Orders of the Day; passed over and retained in the Orders of the Day; floor amendment (1) filed
     Mar 22-3rd reading, passed 37-0 with floor amendment (1)
     Mar 23-received in House; posted for passage for concurrence in Senate floor amendment (1)
     Mar 28-House concurred in Senate floor amendment (1) ; passed 95-0; enrolled, signed by each presiding officer
     Mar 29-delivered to Governor
     Apr 7-signed by Governor (Acts ch. 382)

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