CHAPTER 473
H.P. 387 - L.D. 502
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 10 MRSA §1100-Y, sub-§1, ¶A, as enacted by PL 2001, c. 700, §1, is amended to read:
A. "Eligible student" means a student who:
(1) Is a resident of the State;
(2) Is a graduate of an approved secondary school or the equivalent, including, but not limited to, a student who received equivalent instruction through home instruction, a student who matriculated at an accredited public or private institution of higher education in the State prior to high school graduation or a student who successfully completed a general educational development examination or its equivalent; and
(3) Is or will be matriculated at an institution of higher education; and.
(4) Signs a statement of intent to reside in the State upon graduation from that institution of higher education.
Sec. 2. 10 MRSA §1100-Y, sub-§2, ¶B, as enacted by PL 2001, c. 700, §1, is repealed and the following enacted in its place: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.
Effective September 13, 2003, unless otherwise indicated.
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