LD 502
pg. 2
Page 1 of 2 PUBLIC Law Chapter 473 LD 502 Title Page
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LR 1525
Item 1

 
Sec. 2. 10 MRSA §1100-Y, sub-§2, ¶B, as enacted by PL 2001, c. 700, §1, is
repealed and the following enacted in its place:

 
B.__Following initial certification pursuant to paragraph A,
annual certification standards for a qualified scholarship
organization must include the requirement that the qualified
scholarship organization:

 
(1)__Has awarded in the form of need-based scholarships
an amount equal to at least 95% of the contributions
received during the preceding calendar year that are
eligible for a tax credit under Title 36, section 2527
or 5219-U; or

 
(2) Demonstrate that it is a need-based scholarship-
granting organization possessing an endowment or
endowments with a value of not less than $1,000,000
that makes a commitment to spend on need-based
scholarships an amount equal to 100% of the
contributions that are eligible for the tax credit
received during the preceding calendar year and to
spend no more than 2% of the value of the endowment or
endowments of the organization on administrative
expenses related to the distribution of scholarships,
exclusive of investment management fees and awarded
grants.

 
Sec. 3. 10 MRSA §1100-Y, sub-§2, ¶C is enacted to read:

 
C.__A qualified scholarship organization must demonstrate
that it encourages scholarship recipients to stay in this
State or to return to this State upon completion of
education.__The organization may meet this requirement by
demonstrating that it requires scholarship recipients to
sign a statement of intent to reside in this State upon
graduation from institutions of higher education or by
providing organized community service opportunities,
fellowships, job assistance, professional development or
other activities designed to connect Maine students with
businesses and communities in this State.


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