Page 1 of 1 LRC 2024-BR1608-HB553
COMMONWEALTH OF KENTUCKY FISCAL NOTE STATEMENT
LEGISLATIVE RESEARCH COMMISSION
2024 REGULAR SESSION
MEASURE
2024 BR NUMBER 1608 HOUSE BILL NUMBER 553
TITLE AN ACT relating to the Kentucky rural veterinary student loan repayment program and making
an appropriation therefor.
SPONSOR Representative Matthew Koch
FISCAL SUMMARY
STATE FISCAL IMPACT: YES NO UNCERTAIN
OTHER FISCAL STATEMENT (S) THAT MAY APPLY: ACTUARIAL ANALYSIS
LOCAL MANDATE CORRECTIONS IMPACT HEALTH BENEFIT MANDATE
APPROPRIATION UNIT(S) IMPACTED: Kentucky Higher Education Assistance Authority
FUND(S) IMPACTED: GENERAL ROAD FEDERAL RESTRICTED Rural Veterinary
Care Trust Fund
FISCAL
ESTIMATES
2023-2024 2024-2025 2025-2026 ANNUAL IMPACT AT
FULL
IMPLEMENTATION
REVENUES
EXPENDITURES $62,500 $137,500 $437,500
NET EFFECT ($62,500) ($137,500) ($437,500)
( ) indicates a decrease/negative
PURPOSE OF MEASURE: House Bill 553 creates a new section of KRS Chapter 164 to
establish the Kentucky Rural Veterinary Medicine Student Loan Repayment Program, which is a
loan repayment program for livestock practitioners in underserved rural areas of Kentucky. The
bill establishes eligibility criteria and a Veterinary Student Loan Repayment Selection
Committee. Applicants must commit to five years of consecutive service in designated areas.
The bill offers up to $87,500 in loan repayment over five years. The bill establishes the Rural
Veterinary Care Trust Fund to provide monies for loan repayment. This fund shall consist of
general fund appropriations, donations, grants, and federal funds.
FISCAL EXPLANATION : Estimates indicate that funds will be awarded to five recipients in
year one and that the program will be increased in increments of five new recipients each year.
The bill specifies recipients will have a five-year work obligation, which would result in 25
recipients in the program per year once it is fully implemented. The estimated cost at full
implementation is $437,500 a year. No funds are appropriated in this bill.
DATA SOURCE(S): LRC Staff, KHEAA, Kentucky Veterinary Medical Association
PREPARER: Ethan Williams NOTE NUMBER: 160 REVIEW: JB DATE: 3/11/2024