Establishes the Student Assessment for a Valuable Education (SAVE) Credit Program. (gov sig) (RE DECREASE GF RV See Note)
Impact
By implementing the SAVE Credit Program, Louisiana state law would see a significant change concerning the funding and accessibility of higher education. The Board of Regents is tasked with the distribution of these funds using a formula aimed at equity across public colleges and universities. This could potentially increase enrollment in state institutions by making them more financially accessible, contributing to the broader goal of enhancing educational outcomes and workforce development in the region. Moreover, the program promises to stabilize higher education funding sources through a structured tax credit approach.
Summary
Senate Bill 284, also known as the Student Assessment for a Valuable Education (SAVE) Credit Program, aims to provide financial relief for students attending public institutions of higher education in Louisiana. The bill establishes a system where students and their families can receive tax credits equal to their assessed educational costs. These credits can be applied against various taxes, including income, sales, and fuel taxes, facilitating more equitable access to higher education while reducing the financial burden on families. The program is designed to ensure no student or their guardians have to pay assessments beyond what these credits can cover.
Sentiment
Overall, the sentiment surrounding SB 284 appears to be largely positive among advocates of education reform. Proponents argue that this initiative will improve educational access and foster a more educated workforce, which could have long-term economic benefits for Louisiana. However, there may also be concerns regarding the potential impact on state revenue and whether the funding structure can sustain the proposed tax credits without straining the state budget.
Contention
Despite the largely favorable reception, there are notable points of contention. Critics are wary of the fiscal implications of the SAVE Credit Program, questioning whether the state can afford to implement such widespread tax credits without compromising essential services. Others may express concerns regarding the administration of the program, particularly how eligibility will be determined and whether it will be accessible to all eligible students. These discussions hint at ongoing debates about educational funding priorities and the balance between financial support for students and the fiscal health of the state.
Prohibits the $25 credit for educational expenses for each child attending nonpublic elementary and secondary school if the tax deduction for payment of tuition and fees is taken and establishes the Student Assessment for a Valuable Education (SAVE) Credit Program. (gov sig) (EN -$347,700,000 GF RV See Note)
Creates the Higher Education Initiatives tax credit and the Health Care Redesign tax credit and dedicates the monies saved from spending reductions and revenue increases into the Spending Reductions Fund for payment of the higher education and healthcare tax credits
Provides relative to calculation of the Louisiana apportionment percent and taxable capital for manufacturers of certain aircraft (EN SEE FISC NOTE GF RV See Note)
Revises Statewide transfer agreements for transfer of academic credit and reverse credit at participating institutions of higher education; establishes New Jersey Transfer Ombudsperson within Office of Secretary of Higher Education.