FISCAL NOTE
Date Requested: January 10, 2024
Time Requested: 09:43 PM |
| Agency: |
Higher Education Policy Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1781 |
Introduced |
HB4480 |
|
|---|
| CBD Subject: |
Education (K12) |
|---|
|
FUND(S):
General
Sources of Revenue:
General Fund
Legislation creates:
Creates New Expense
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill would create the West Virginia STEM Scholarship Act, which would provide two separate levels of debt relief to West Virginia K-12 schoolteachers who are teaching in STEM-related fields. Eligible teachers would also have to hold a master’s degree in education; be employed by a kindergarten through 12 school in this state for a minimum of five years; fill a science, technology, engineering, or mathematics ("STEM") position; and have available debt to qualify, as scholarship funds to recipients shall not exceed any debt owed. According to the bill, a teacher who is employed in a West Virginia school for a minimum of five years in a STEM position, would be eligible for up to $5,000 in debt relief through this scholarship. A teacher who has been employed in a West Virginia school for a minimum of 10 years and holds a STEM specialization would be eligible for up to $10,000 in debt relief, or for an additional amount of $5,000 if a five-year option was taken after their initial five years of employment. The Higher Education Policy Commission cannot determine the number of teachers in the state who may meet the criteria outlined in the proposed bill. However, for every 25 teachers eligible for the award, the annual cost would be between $125,000 and $250,000, depending on the repayment rate of $5,000 annually or $10,000 annually.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2024
Increase/Decrease
(use"-") |
2025
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
The necessary information is not available to determine the possible fiscal impact.
Memorandum
The necessary information is not available to determine the possible fiscal impact.
Person submitting Fiscal Note: Misty Price
Email Address: misty.price@wvhepc.edu