HCS HB 442 -- MISSOURI LEGACY FUND

SPONSOR:  Kingery

COMMITTEE ACTION:  Voted "do pass" by the Committee on Higher
Education by a vote of 8 to 0.

This substitute creates the Missouri Legacy Fund to be
administered by the Higher Education Savings Program Board.  The
fund will consist primarily of transfers from the Abandoned Fund
Account.  Each year, after transfers of $22,500,000 to general
revenue, the excess amount in the abandoned fund will be
transferred to the legacy fund.  Interest and moneys earned on
investments will be used for the administration of the program
and to provide matching funds to participants in Missouri's
qualified state tuition program under Section 529 of the federal
Internal Revenue Code of 1986 who have a family income no greater
than 150% of the state median.

FISCAL NOTE:  No impact on state funds in FY 2008, FY 2009, and
FY 2010.

PROPONENTS:  Supporters say that using money from the abandoned
fund will allow the Higher Education Savings Program Board to
match contributions from low- and middle-income participants to
give them the extra money they might need.  As little as $10 per
month is enough to cover the tuition costs at Lincoln University
for four years if an account is started when a child is born.

Testifying for the bill were Representative Kingery; Office of
the State Treasurer; Constance Williams, Lincoln University;
Missouri School Boards' Association; and Missouri National
Education Association.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:19 am