HJ 265 Study; prepaid tuition program.
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Summary:
Prepaid tuition program. Requests the Secretary of Finance to study the financial, marketing, and tax implications of a prepaid tuition program. The 1992 Session requested the State Council of Higher Education (SCHEV), in cooperation with the Department of Treasury, to study the efficacy and appropriateness of establishing a prepaid tuition program, which would permit the prepayment of college tuition at a fixed rate potentially lower than actual cost. In its 1993 report (HD 53), SCHEV and the Department indicated that "a more complete -financial analysis must be conducted to determine the financial feasibility of initiating such a program and an accrual analysis to determine the pricing policy and rates to be considered." The report also included a recommendation that the Treasurer investigate the federal and state income tax implications of a prepaid tuition program. These programs have been implemented in several states; tax rulings and other complex financial concerns have affected the operation of the Michigan program.

Full text:
01/25/94  House: Presented and ordered printed  pdf

Status:
01/25/94  House: Presented and ordered printed
01/25/94  House: Referred to Committee on Finance
02/02/94  House: Assigned to Finance sub-committee: 2
02/11/94  House: Continued to 1995 in Finance (20-Y 0-N)
12/20/94  House: No action taken by Finance by voice vote