House Amendment 1671
PAG LIN
1 1 Amend the Senate amendment, H=1635, to House File
1 2 816, as amended, passed, and reprinted by the House,
1 3 as follows:
1 4 #1. By striking page 2, line 24, through page 3,
1 5 line 3.
1 6 #2. By striking page 35, line 42, through page 36,
1 7 line 30, and inserting the following:
1 8 <Sec. . Section 261.9, subsection 1, paragraph
1 9 b, Code 2005, is amended to read as follows:
1 10 b. Is accredited by the north central association
1 11 of colleges and secondary schools accrediting agency
1 12 based on their requirements, is exempt from taxation
1 13 under section 501(c)(3) of the Internal Revenue Code,
1 14 and annually provides a matching aggregate amount of
1 15 institutional financial aid equal to at least seventy=
1 16 five percent of the amount received in a fiscal year
1 17 by the institution's students for Iowa tuition grant
1 18 assistance under this chapter. Commencing with the
1 19 fiscal year beginning July 1, 2005 2006, the matching
1 20 aggregate amount of institutional financial aid shall
1 21 increase by the percentage of increase each fiscal
1 22 year of funds appropriated for Iowa tuition grants
1 23 under section 261.25, subsection 1, to a maximum match
1 24 of one hundred percent. The institution shall file
1 25 annual reports with the commission prior to receipt of
1 26 tuition grant moneys under this chapter. An
1 27 institution whose income is not exempt from taxation
1 28 under section 501(c) of the Internal Revenue Code and
1 29 whose students were eligible to receive Iowa tuition
1 30 grant money in the fiscal year beginning July 1, 2003,
1 31 shall meet the match requirements of this paragraph no
1 32 later than June 30, 2005.
1 33 Sec. . Section 261.25, subsection 1, Code 2005,
1 34 is amended to read as follows:
1 35 1. There is appropriated from the general fund of
1 36 the state to the commission for each fiscal year the
1 37 following:
1 38 a. The sum of forty=seven forty=four million one
1 39 eight hundred fifty=seven fifty=five thousand five
1 40 nine hundred fifteen sixty=nine dollars for tuition
1 41 grants for distribution to qualified students enrolled
1 42 at accredited private institutions that are exempt
1 43 from taxation under section 501(c)(3) of the Internal
1 44 Revenue Code.
1 45 b. From the funds appropriated in this subsection,
1 46 not more than three The sum of four million four eight
1 47 hundred seventeen thousand six hundred six dollars may
1 48 be distributed to for distribution to qualified
1 49 students enrolled at accredited private institutions
1 50 whose income is not exempt from taxation under section
2 1 501(c) of the Internal Revenue Code and whose students
2 2 were eligible to receive Iowa tuition grant moneys in
2 3 the fiscal year beginning July 1, 2003. A for=profit
2 4 institution which, effective March 9, 2005, purchased
2 5 an accredited private institution that was exempt from
2 6 taxation under section 501(c) of the Internal Revenue
2 7 Code, shall be an eligible institution under the Iowa
2 8 tuition grant program.
2 9 If an accredited private institution has an average
2 10 default rate of ten percent or more within the most
2 11 recent consecutive three=year period as determined by
2 12 the commission using the official cohort default rates
2 13 for schools released annually by the United States
2 14 department of education, the total amount of tuition
2 15 grant moneys calculated by the commission for award to
2 16 qualified students enrolled in the accredited private
2 17 institution shall be reduced by one percent for each
2 18 one=tenth of a percentage point in which the
2 19 institution exceeds the ten percent default average.
2 20 The sum of the moneys retained by the commission as a
2 21 result of the reduction shall be redistributed by the
2 22 commission on a pro rata basis under the state student
2 23 aid programs administered by the commission.>
2 24 #3. By renumbering, redesignating, and correcting
2 25 internal references as necessary.
2 26
2 27
2 28
2 29 WINCKLER of Scott
2 30 HF 816.335 81
2 31 kh/cf/2489
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