(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a miscellaneous fund to be known as the “Higher Education Tuition Adjustment Fund”.
(b) The fund shall consist of revenues allocated to the fund by law.
(c) It is the intent of the General Assembly that the fund ensure that bona fide Arkansas income taxpayers, and their dependents, who are residents of a bordering state in a contiguous county to the Arkansas state line, which is contiguous to a county where an institution of higher education is located receive the same higher education opportunities as all other taxpayers.
(d) (1) In establishing this policy, it is the intent of the General Assembly that taxpayers should have affordable access to the state's higher education institutions.(2) Further, the Division of Higher Education shall require each institution to track and report the number of qualifying students each year.(3) A list of students who benefit from the out-of-state tuition waiver, including their Social Security numbers or their Arkansas taxpaying parents' or guardians' names and Social Security numbers, shall be furnished by the division to the Department of Finance and Administration for confirmation that they or their parents are employed in Arkansas at a wage in excess of five thousand five hundred dollars ($5,500) per year.(4) Documentation should be either an official W-2 form from an Arkansas employer reflecting wages of at least five thousand five hundred dollars ($5,500) in the tax year before enrollment in college or official employer verification of a current year salary minimum of at least five thousand five hundred dollars ($5,500), which the college shall keep on file for enrollment audit purposes.
(1) In establishing this policy, it is the intent of the General Assembly that taxpayers should have affordable access to the state's higher education institutions.
(2) Further, the Division of Higher Education shall require each institution to track and report the number of qualifying students each year.
(3) A list of students who benefit from the out-of-state tuition waiver, including their Social Security numbers or their Arkansas taxpaying parents' or guardians' names and Social Security numbers, shall be furnished by the division to the Department of Finance and Administration for confirmation that they or their parents are employed in Arkansas at a wage in excess of five thousand five hundred dollars ($5,500) per year.
(4) Documentation should be either an official W-2 form from an Arkansas employer reflecting wages of at least five thousand five hundred dollars ($5,500) in the tax year before enrollment in college or official employer verification of a current year salary minimum of at least five thousand five hundred dollars ($5,500), which the college shall keep on file for enrollment audit purposes.
(e) (1) The Commissioner of the Division of Higher Education shall determine the difference between the amount of tuition revenue that would have been generated by charging the Arkansas Higher Education Coordinating Board-approved out-of-state tuition rate to the students as compared to approved in-state or out-of-district rates.(2) Upon such a determination, the commissioner shall certify to the Chief Fiscal Officer of the State and the Treasurer of State the amounts that are required to be transferred from the fund.(3) Upon receiving the certification, the Chief Fiscal Officer of the State and the Treasurer of State shall cause to be transferred the necessary funds and appropriation to the fund account of the institution receiving the certification from the commissioner.
(1) The Commissioner of the Division of Higher Education shall determine the difference between the amount of tuition revenue that would have been generated by charging the Arkansas Higher Education Coordinating Board-approved out-of-state tuition rate to the students as compared to approved in-state or out-of-district rates.
(2) Upon such a determination, the commissioner shall certify to the Chief Fiscal Officer of the State and the Treasurer of State the amounts that are required to be transferred from the fund.
(3) Upon receiving the certification, the Chief Fiscal Officer of the State and the Treasurer of State shall cause to be transferred the necessary funds and appropriation to the fund account of the institution receiving the certification from the commissioner.