Bill Text: OR SB15 | 2011 | Regular Session | Introduced
Bill Title: Relating to college financial aid; prescribing an effective date.
Spectrum: Unknown
Status: (Failed) 2011-06-30 - In committee upon adjournment. [SB15 Detail]
Download: Oregon-2011-SB15-Introduced.html
76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session
NOTE: Matter within { + braces and plus signs + } in an
amended section is new. Matter within { - braces and minus
signs - } is existing law to be omitted. New sections are within
{ + braces and plus signs + } .
LC 854
Senate Bill 15
Printed pursuant to Senate Interim Rule 213.28 by order of the
President of the Senate in conformance with presession filing
rules, indicating neither advocacy nor opposition on the part
of the President (at the request of State Treasurer Ted
Wheeler)
SUMMARY
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
Eliminates four-year limitation on carrying forward amounts
contributed to college savings network account. Prohibits
reduction of state share of Oregon Opportunity Grant based on
amounts available from college savings network account.
Applies to tax years beginning on or after January 1, 2011.
Takes effect on 91st day following adjournment sine die.
A BILL FOR AN ACT
Relating to college financial aid; creating new provisions;
amending ORS 316.699 and 348.205; and prescribing an effective
date.
Be It Enacted by the People of the State of Oregon:
SECTION 1. ORS 316.699 is amended to read:
316.699. (1) There shall be subtracted from federal taxable
income the amount contributed to a college savings network
account established under ORS 348.841 to 348.873.
(2) Notwithstanding subsection (1) of this section, a
subtraction under this section may not exceed the lesser of:
(a) $4,000 for the tax year if the taxpayer files a joint
return, or $2,000 for the tax year if the taxpayer files a return
other than a joint return; and
(b) If an amount is carried forward to a succeeding tax year
under subsection (4) of this section, the balance in the college
savings network account at the close of the tax year for which
the subtraction is being made.
(3)(a) The Department of Revenue shall annually adjust the
maximum subtraction allowable under this section according to the
cost-of-living adjustment for the calendar year. The department
shall make this adjustment by multiplying the amount in
subsection (2) of this section by the percentage (if any) by
which the monthly averaged U.S. City Average Consumer Price Index
for the 12 consecutive months ending August 31 of the prior
calendar year exceeds the monthly averaged U.S. City Average
Consumer Price Index for the 12 consecutive months ending August
31, 2007.
(b) As used in this subsection, 'U.S. City Average Consumer
Price Index' means the U.S. City Average Consumer Price Index for
All Urban Consumers (All Items) as published by the Bureau of
Labor Statistics of the United States Department of Labor.
(4) Any amounts contributed to a college savings network
account that are not subtracted from federal taxable income
because of the monetary limitations imposed by subsection (2) of
this section may be carried forward for { - four - } { + any
number of + } succeeding tax years and subtracted from federal
taxable income in any of those succeeding tax years in an amount
that does not exceed the monetary limitations imposed by
subsection (2) of this section.
(5) The amount contributed to a college savings network account
may be subtracted from a preceding tax year if the contribution
is made before the taxpayer files a return or before the 15th day
of the fourth month following the closing of the taxpayer's tax
year, whichever is earlier.
SECTION 2. ORS 348.205 is amended to read:
348.205. (1) The Oregon Opportunity Grant program is
established within the Oregon Student Assistance Commission.
(2) Under the program, the cost of education of a qualified
student shall be shared by the student, the family of the
student, the federal government and the state.
(3) The commission shall determine the cost of education of a
qualified student based on the type of eligible post-secondary
institution the student is attending. The cost of education
equals:
(a) For a student attending a community college, the average
cost of education of attending a community college in this state;
(b) For a student attending an institution under the direction
of the State Board of Higher Education, the average cost of
education of attending an institution under the direction of the
board;
(c) For a student attending a two-year Oregon-based, generally
accredited, not-for-profit institution of higher education, the
average cost of education of attending a community college in
this state; and
(d) For a student attending the Oregon Health and Science
University or a four-year Oregon-based, generally accredited,
not-for-profit institution of higher education, the average cost
of education of attending an institution under the direction of
the board.
(4)(a) The commission shall determine the amount of the student
share. The student share shall be based on:
(A) The type of eligible post-secondary institution the student
is attending;
(B) The number of hours of work that the commission determines
may be reasonably expected from the student; and
(C) The amount of loans that the commission determines would
constitute a manageable debt burden for the student.
(b) The student shall determine how to cover the student share
through income from work, loans, savings and scholarships.
(c) The student share for a student who attends a community
college may not exceed the amount that the commission determines
a student may earn based on the number of hours of work
reasonably expected from the student under paragraph (a) of this
subsection.
(d) The student share for a student who attends an eligible
post-secondary institution that is not a community college may
not exceed the sum of the amount that the commission determines a
student may receive as loans plus the amount a student may earn
based on the number of hours of work reasonably expected from the
student under paragraph (a) of this subsection.
(5) The commission shall determine the amount of the family
share. The family share shall be based on the resources of the
family.
(6) The commission shall determine the amount of the federal
share based on how much the student or the student's family is
expected to receive from the federal government as grants, loans,
tax credits or other student assistance.
(7)(a) The commission shall determine the amount of the state
share. The state share shall be equal to the cost of education
reduced by the student share, family share and amount received by
the student from the federal government.
(b) The commission shall establish a minimum amount that a
student may receive as a state share. If the commission
determines that the amount of the state share of a student is
below the minimum amount, the student may not receive the state
share.
(c) In determining the amount of the state share, the
commission shall consider the total amount available to award as
grants to all qualified students. If the commission must reduce
the amount of the state share under this paragraph, the
commission may not reduce the amount of the state share awarded
to students in the low income range in a greater proportion than
the amount that the state share for students in other income
ranges is reduced.
{ + (d) The commission may not reduce the amount of the state
share based on amounts available to a student who is the
designated beneficiary of a college savings network account
established under ORS 348.841 to 348.873. + }
SECTION 3. { + The amendments to ORS 316.699 and 348.205 by
sections 1 and 2 of this 2011 Act apply to tax years beginning on
or after January 1, 2011. + }
SECTION 4. { + This 2011 Act takes effect on the 91st day
after the date on which the 2011 session of the Seventy-sixth
Legislative Assembly adjourns sine die. + }
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