Florida 2024 Regular Session

Florida House Bill H1151 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
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2	2
3		-	~~CS/~~HB 1151 2024
	3	+	HB 1151 2024
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6	6
7	7		CODING: Words stricken are deletions; words underlined are additions.
8		-	hb1151-~~01-c1~~
9		-	Page 1 of 5
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	9	+	Page 1 of 4
10	10		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
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14	14		A bill to be entitled 1
15	15		An act relating to the Stanley G. Tate Florida Prepaid 2
16	16		College Program; amending s. 1009.98, F.S.; revising 3
17	17		the definition of the term "tuition differential"; 4
18		-	revising ~~provisions relating to payments the board~~ 5
19		-	~~must pay~~ to ~~state universities on behalf beneficiaries~~ 6
20		-	~~of specified contracts;~~ providing an effective date. 7
	18	+	beginning in a specified academic year, revising which 5
	19	+	advanced contracts certain provisions apply to; 6
	20	+	providing an effective date. 7
21	21		8
22	22		Be It Enacted by the Legislature of the State of Florida: 9
23	23		10
24		-	Section 1. Paragraphs (a) ~~thr ough~~ (f) of subsection (10) 11
25		-	of section 1009.98, Florida Statutes, are amended to read: 12
	24	+	Section 1. Paragraphs (a) and (b) of subsection (10) of 11
	25	+	section 1009.98, Florida Statutes, are amended to read: 12
26	26		1009.98 Stanley G. Tate Florida Prepaid College Program. — 13
27	27		(10) PAYMENTS ON BEHALF OF QUALIFIED BENEFICIARIES. — 14
28	28		(a) As used in this subsection, the term: 15
29	29		1. "Actuarial reserve" means the amount by which the 16
30	30		expected value of the assets exceeds the expected value of the 17
31	31		liabilities of the trust fund. 18
32	32		2. "Dormitory fees" means the fees included under advance 19
33	33		payment contracts pursuant to paragraph (2)(d). 20
34	34		3. "Fiscal year" means the fiscal year of the state 21
35	35		pursuant to s. 215.01. 22
36	36		4. "Local fees" means the fees covered by an advance 23
37	37		payment contract provided pursuant to subparagraph (2)(b)2. 24
38	38		5. "Tuition differential" means the fee covered by advance 25
39	39
40		-	~~CS/~~HB 1151 2024
	40	+	HB 1151 2024
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42	42
43	43
44	44		CODING: Words stricken are deletions; words underlined are additions.
45		-	hb1151-~~01-c1~~
46		-	Page 2 of 5
	45	+	hb1151-00
	46	+	Page 2 of 4
47	47		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
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51	51		payment contracts sold pursuant to subparag raph (2)(b)3. The 26
52	52		base rate for the tuition differential fee for the 2012 -2013 27
53	53		fiscal year is established at $37.03 per credit hour. The base 28
54	54		rate for the tuition differential in subsequent years is the 29
55	55		amount assessed for the tuition differential for the preceding 30
56	56		year adjusted pursuant to subparagraph (b)2. 31
57	57		(b) Effective with the 2022-2023 2009-2010 academic year 32
58	58		and thereafter, and notwithstanding s. 1009.24, the amount paid 33
59	59		by the board to any state university on behalf of a qualified 34
60	60		beneficiary of an advance payment contract whose contract was 35
61	61		purchased before July 1, 2034 2024, shall be: 36
62	62		1. As to registration fees, if the actuarial reserve is 37
63	63		less than 5 percent of the expected liabilities of the trust 38
64	64		fund, the board shall pay the state universit ies 5.5 percent 39
65	65		above the amount assessed for registration fees in the preceding 40
66	66		fiscal year. If the actuarial reserve is between 5 percent and 6 41
67	67		percent of the expected liabilities of the trust fund, the board 42
68	68		shall pay the state universities 6 percent ab ove the amount 43
69	69		assessed for registration fees in the preceding fiscal year. If 44
70	70		the actuarial reserve is between 6 percent and 7.5 percent of 45
71	71		the expected liabilities of the trust fund, the board shall pay 46
72	72		the state universities 6.5 percent above the amount assessed for 47
73	73		registration fees in the preceding fiscal year. If the actuarial 48
74	74		reserve is equal to or greater than 7.5 percent of the expected 49
75	75		liabilities of the trust fund, the board shall pay the state 50
76	76
77		-	~~CS/~~HB 1151 2024
	77	+	HB 1151 2024
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79	79
80	80
81	81		CODING: Words stricken are deletions; words underlined are additions.
82		-	hb1151-~~01-c1~~
83		-	Page 3 of 5
	82	+	hb1151-00
	83	+	Page 3 of 4
84	84		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
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88	88		universities 7 percent above the amount assessed for 51
89	89		registration fees in the preceding fiscal year, whichever is 52
90	90		greater. 53
91	91		2. As to the tuition differential, if the actuarial 54
92	92		reserve is less than 5 percent of the expected liabilities of 55
93	93		the trust fund, the board shall pay the state universities 5.5 56
94		-	percent above the ~~amount assessed~~ base rate for the tuition 57
95		-	~~differential fee in~~ the preceding fiscal year. If the actuarial 58
96		-	~~reserve is between 5~~ percent and 6 percent of the expected 59
97		-	~~liabilities of the trust~~ fund, the board shall ~~p ay~~ the state 60
98		-	~~universities 6 percent above~~ the ~~amount assessed~~ base rate for 61
99		-	~~the tuition differential fee in the preceding~~ fiscal year. If 62
100		-	~~the actuarial reserve is between 6 percent and~~ 7.5 percent of 63
101		-	~~the expected liabilities of~~ the ~~trust fund,~~ the ~~board sh all pay~~ 64
102		-	~~the state universities 6.5 percent above~~ the ~~amount assessed~~ 65
103		-	~~base rate for~~ the ~~tuition differential fee in the preceding~~ 66
104		-	~~fiscal year~~. If the ~~actuarial reserve is equal to or greater~~ 67
105		-	~~than~~ 7.5 percent of the ~~expected liabilities of the trust fund,~~ 68
106		-	~~the board shall pay~~ the ~~state universities 7 percent above~~ the 69
107		-	~~amount assessed base rate for the tuition differential fee in~~ 70
108		-	the ~~preceding fiscal year.~~ 71
109		-	3. ~~As to~~ local fees~~, the board shall pay the state~~ 72
110		-	~~universities 5 percent above~~ the ~~amount assessed for local fees~~ 73
111		-	in the ~~preceding fiscal year.~~ 74
112		-	4. ~~As to dormitory fees,~~ the ~~board shall pay the state~~ 75
	94	+	percent above the base rate for the tuition differential fee in 57
	95	+	the preceding fiscal year. If the actuarial reserve is between 5 58
	96	+	percent and 6 percent of the expected liabilities of the trust 59
	97	+	fund, the board shall pay the state universities 6 percent above 60
	98	+	the base rate for the tuition differential fee in the preceding 61
	99	+	fiscal year. If the actuarial reserve is between 6 percent and 62
	100	+	7.5 percent of the expected liabilities of the trust fund, the 63
	101	+	board shall pay the state universities 6.5 percent above the 64
	102	+	base rate for the tuition differential fee in the preceding 65
	103	+	fiscal year. If the actuarial reserve is equal to or greater 66
	104	+	than 7.5 percent of the expected liabilities of the trust fund, 67
	105	+	the board shall pay the state universities 7 percent above the 68
	106	+	base rate for the tuition differential fee in the preceding 69
	107	+	fiscal year. 70
	108	+	3. As to local fees, the board shall pay the state 71
	109	+	universities 5 percent above the amount assessed for local fees 72
	110	+	in the preceding fiscal year. 73
	111	+	4. As to dormitory fees, the board shall pay the state 74
	112	+	universities 6 percent above the amount assessed for dormitory 75
113	113
114		-	~~CS/~~HB 1151 2024
	114	+	HB 1151 2024
115	115
116	116
117	117
118	118		CODING: Words stricken are deletions; words underlined are additions.
119		-	hb1151-~~01-c1~~
120		-	Page 4 of 5
	119	+	hb1151-00
	120	+	Page 4 of 4
121	121		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
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125		-	universities 6 percent above the amount assessed for dormitory 76
126		-	fees in the preceding fiscal year. 77
127		-	5. Qualified beneficiaries of advance payment contracts 78
128		-	purchased before July 1, 2007, are exempt from paying any 79
129		-	tuition differential fee. 80
130		-	(c) Notwithstanding the amount assessed for registration 81
131		-	fees, the tuition differential, or local fees, the amount paid 82
132		-	by the board to any state university on behalf of a qualified 83
133		-	beneficiary of an advance payment contract purchased before July 84
134		-	1, 2034 July 1, 2024, may not exceed 100 percent of the amount 85
135		-	charged by the state university for the aggregate sum of those 86
136		-	fees. 87
137		-	(d) Notwithstanding the amount assessed for d ormitory 88
138		-	fees, the amount paid by the board to any state university on 89
139		-	behalf of a qualified beneficiary of an advance payment contract 90
140		-	purchased before July 1, 2034 July 1, 2024, may not exceed 100 91
141		-	percent of the amount charged by the state university for 92
142		-	dormitory fees. 93
143		-	(e) Notwithstanding the number of credit hours used by a 94
144		-	state university to assess the amount for registration fees, 95
145		-	tuition, tuition differential, or local fees, the amount paid by 96
146		-	the board to any state university on behalf of a quali fied 97
147		-	beneficiary of an advance payment contract purchased before July 98
148		-	1, 2034 July 1, 2024, may not exceed the number of credit hours 99
149		-	taken by that qualified beneficiary at the state university. 100
150		-
151		-	CS/HB 1151 2024
152		-
153		-
154		-
155		-	CODING: Words stricken are deletions; words underlined are additions.
156		-	hb1151-01-c1
157		-	Page 5 of 5
158		-	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
159		-
160		-
161		-
162		-	(f) The board shall pay state universities the actual 101
163		-	amount assessed in accordance with law for registration fees, 102
164		-	the tuition differential, local fees, and dormitory fees for 103
165		-	advance payment contracts purchased on or after July 1, 2034 104
166		-	July 1, 2024. 105
167		-	106
168		-	Section 2. This act shall take effect July 1, 2024. 107
	125	+	fees in the preceding fiscal year. 76
	126	+	5. Qualified beneficiaries of advance payment contracts 77
	127	+	purchased before July 1, 2007, are exempt fr om paying any 78
	128	+	tuition differential fee. 79
	129	+	Section 2. This act shall take effect July 1, 2024. 80