HB 1151 2024
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hb1151-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to the Stanley G. Tate Florida Prepaid 2
College Program; amending s. 1009.98, F.S.; revising 3
the definition of the term "tuition differential"; 4
beginning in a specified academic year, revising which 5
advanced contracts certain provisions apply to; 6
providing an effective date. 7
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Be It Enacted by the Legislature of the State of Florida: 9
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Section 1. Paragraphs (a) and (b) of subsection (10) of 11
section 1009.98, Florida Statutes, are amended to read: 12
1009.98 Stanley G. Tate Florida Prepaid College Program. — 13
(10) PAYMENTS ON BEHALF OF QUALIFIED BENEFICIARIES. — 14
(a) As used in this subsection, the term: 15
1. "Actuarial reserve" means the amount by which the 16
expected value of the assets exceeds the expected value of the 17
liabilities of the trust fund. 18
2. "Dormitory fees" means the fees included under advance 19
payment contracts pursuant to paragraph (2)(d). 20
3. "Fiscal year" means the fiscal year of the state 21
pursuant to s. 215.01. 22
4. "Local fees" means the fees covered by an advance 23
payment contract provided pursuant to subparagraph (2)(b)2. 24
5. "Tuition differential" means the fee covered by advance 25
HB 1151 2024
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hb1151-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
payment contracts sold pursuant to subparag raph (2)(b)3. The 26
base rate for the tuition differential fee for the 2012 -2013 27
fiscal year is established at $37.03 per credit hour. The base 28
rate for the tuition differential in subsequent years is the 29
amount assessed for the tuition differential for the preceding 30
year adjusted pursuant to subparagraph (b)2. 31
(b) Effective with the 2022-2023 2009-2010 academic year 32
and thereafter, and notwithstanding s. 1009.24, the amount paid 33
by the board to any state university on behalf of a qualified 34
beneficiary of an advance payment contract whose contract was 35
purchased before July 1, 2034 2024, shall be: 36
1. As to registration fees, if the actuarial reserve is 37
less than 5 percent of the expected liabilities of the trust 38
fund, the board shall pay the state universit ies 5.5 percent 39
above the amount assessed for registration fees in the preceding 40
fiscal year. If the actuarial reserve is between 5 percent and 6 41
percent of the expected liabilities of the trust fund, the board 42
shall pay the state universities 6 percent ab ove the amount 43
assessed for registration fees in the preceding fiscal year. If 44
the actuarial reserve is between 6 percent and 7.5 percent of 45
the expected liabilities of the trust fund, the board shall pay 46
the state universities 6.5 percent above the amount assessed for 47
registration fees in the preceding fiscal year. If the actuarial 48
reserve is equal to or greater than 7.5 percent of the expected 49
liabilities of the trust fund, the board shall pay the state 50
HB 1151 2024
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hb1151-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
universities 7 percent above the amount assessed for 51
registration fees in the preceding fiscal year, whichever is 52
greater. 53
2. As to the tuition differential, if the actuarial 54
reserve is less than 5 percent of the expected liabilities of 55
the trust fund, the board shall pay the state universities 5.5 56
percent above the base rate for the tuition differential fee in 57
the preceding fiscal year. If the actuarial reserve is between 5 58
percent and 6 percent of the expected liabilities of the trust 59
fund, the board shall pay the state universities 6 percent above 60
the base rate for the tuition differential fee in the preceding 61
fiscal year. If the actuarial reserve is between 6 percent and 62
7.5 percent of the expected liabilities of the trust fund, the 63
board shall pay the state universities 6.5 percent above the 64
base rate for the tuition differential fee in the preceding 65
fiscal year. If the actuarial reserve is equal to or greater 66
than 7.5 percent of the expected liabilities of the trust fund, 67
the board shall pay the state universities 7 percent above the 68
base rate for the tuition differential fee in the preceding 69
fiscal year. 70
3. As to local fees, the board shall pay the state 71
universities 5 percent above the amount assessed for local fees 72
in the preceding fiscal year. 73
4. As to dormitory fees, the board shall pay the state 74
universities 6 percent above the amount assessed for dormitory 75
HB 1151 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
fees in the preceding fiscal year. 76
5. Qualified beneficiaries of advance payment contracts 77
purchased before July 1, 2007, are exempt fr om paying any 78
tuition differential fee. 79
Section 2. This act shall take effect July 1, 2024. 80