UMW - Financial Aid

Item 187 #1h

Language
Page 217, line 38, strike "$12,881,262" and insert "$12,747,143".

Explanation

(This amendment removes funding proposed in House Bill 1700 as introduced for increased financial aid. The Committee budget funding levels were limited to the additional dollars available pursuant to the economic reforecast presented in December, identified programmatic savings, and revenues generated by legislation expanding the collection of sales tax attributable to internet sales. All revenues attributable to the Tax Cuts and Jobs Act (TCJA) are captured in the Taxpayer Relief Fund and the Revenue Reserve Fund in Item 475.10. This required removing approximately $1.2 billion in spending compared to House Bill 1700 as introduced. State financial aid was increased in fiscal year 2020 by $18.9 million as part of the 2018 Session budget actions.)