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78R6447 JRJ-D
By: Naishtat H.B. No. 1210
A BILL TO BE ENTITLED
AN ACT
relating to matching grants for low to moderate income families
participating in the higher education savings or prepaid tuition
program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter G, Chapter 54, Education Code, is
amended by adding Section 54.7085 to read as follows:
Sec. 54.7085. STATE MATCHING GRANTS FOR COLLEGE SAVINGS
PLANS. (a) From money available for this purpose, the board may
award grants to match all or part of the contributions to a savings
trust account under this subchapter or all or part of the payments
under a prepaid tuition contract under Subchapter F for a
beneficiary who resides in Texas and has a family income not greater
than the income level established by the board, which may not exceed
the statewide median family income, adjusted for family size,
established by the United States Department of Housing and Urban
Development.
(b) For purposes of awarding grants under this section, the
board shall establish and use a sliding scale under which the amount
of a grant is determined according to the family income of the
beneficiary and the amount of the contributions to the savings
trust account or the payments made under the prepaid tuition
contract.
(c) The board may solicit and accept gifts and grants from
any public or private source for the purposes of this section.
(d) The legislature may appropriate money for the purposes
of this section.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2003.