Panel vote advances proposal on tuition
The Legislature's Joint Budget Committee voted Thursday to advance a proposal that would allow taxpayers with 529 college savings plans to use withdrawals for tuition at a public, private or religious elementary or secondary school.
After 20 minutes of debate, the committee voted 34-8 to add an amendment proposed by Sen. Jason Rapert, R-Bigelow, to House Bill 1222, which is the state treasurer's appropriation bill for fiscal 2019 that starts July 1. The committee's Special Language Subcommittee recommended the amendment Wednesday.
The action came after state Department of Finance and Administration Director Larry Walther told lawmakers, "I think philosophically the governor is in support of a bill like this," when asked about Gov. Asa Hutchinson's position on Rapert's proposed amendment.
"Our concern is the budget doesn't have the $2 million that Sen. Rapert discussed or the $5 million that [assistant state revenue commissioner Paul] Gehring has mentioned, so we don't have it in the budget for [fiscal] 2019," Walther said, referring to how much the proposal is projected to reduce state tax revenue each year.
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