Texas Senate Bill SB777

Texas 2011 - 82nd Regular

• Introduced: 2/18/11
• Out of Senate Committee: 3/17/11
• Voted on by Senate: 3/22/11
• Refer: 3/1/11
• Out of House Committee: 4/15/11
• Report Pass: 3/17/11
• Voted on by House: 4/26/11
• Engrossed: 3/22/11
• Governor Action: 5/9/11
• Refer: 4/4/11
• Report Pass: 4/13/11
• Enrolled: 4/27/11
• Passed: 5/9/11

Caption

Relating to re-creating the scholarship trust fund for fifth-year accounting students as a trust fund outside the state treasury.

Impact

The establishment of the scholarship trust fund under SB777 reaffirms the state's commitment to enhancing educational opportunities for accounting students. By implementing an additional $10 annual fee on licensing, the bill facilitates the generation of dedicated funding that directly benefits students pursuing careers in accounting. This funding mechanism is crucial for addressing the financial challenges faced by students in their fifth year, providing them with a pathway to achieve certification. The recreated fund’s structure aims to ensure that administrative costs remain limited, ensuring that a significant portion of the funds raised will be used for scholarships.

Summary

Senate Bill 777 aims to re-create the scholarship trust fund specifically designated for fifth-year accounting students. This trust fund, which operates outside the state treasury, is intended to provide financial assistance to students who are in their final year of accounting programs that prepare them for certification as certified public accountants. The bill modifies existing provisions regarding the fee structure for licensing, incorporating a new annual fee that contributes to this scholarship fund to support the education of future accountants.

Contention

While the bill aims to support accounting education, there might be discussions around the financial implications of the new fee on licensees who must bear this cost. Stakeholders could express differing opinions on the necessity of adding this fee amidst other existing financial burdens on professionals in the field. Moreover, examining the effectiveness of the fund in fulfilling its intended purpose—enhancing the accessibility of accounting education—could also be a point of debate, with stakeholders wanting to monitor the outcomes of the scholarships awarded and the impact on the accounting workforce.