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House Bill 3655 |
House Author: Turner, Chris |
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Effective: 6-10-19 |
Senate Sponsor: Buckingham |
House Bill 3655 amends the Education Code to establish that certain specified statutory requirements applicable to the Prepaid Higher Education Tuition Board under the prepaid higher education tuition program also apply to the board for purposes of the higher education savings plan, Texas tomorrow fund II, Texas save and match program, and Texas achieving a better life experience program. The bill authorizes the comptroller to dissolve a direct‑support nonprofit organization established by the board to perform certain functions relating to the prepaid higher education tuition program if the comptroller determines that the organization's purpose has been substantially complied with, in which case the organization's funds and properties are transferred to the Texas Match the Promise Foundation.
House Bill 3655 authorizes a purchaser to prepay a beneficiary's undergraduate tuition and fees costs and redeem tuition units under the Texas tomorrow fund II at a medical and dental unit and requires the comptroller of public accounts to transfer funds for that purpose. The bill requires each general academic teaching institution and each two‑year public institution of higher education annually to provide appropriate information to the board to assist the board in determining, for purposes of that fund, updated tuition unit sales prices and redemption values.
House Bill 3655 revises the definition of "qualified higher education expenses" for purposes of the higher education savings plan to conform to federal law and repeals provisions relating to a penalty for a nonqualified withdrawal from a savings trust account under that plan.