Revision: April 27, 2022, 8:02 a.m.
Senate Finance
April 26, 2022
2022-1836s
10/04
Amendment to HB 1627-FN-A
Amend the bill by replacing all after section 2 with the following:
3 Authority and Responsibilities of the Scholarship Organization; Education Freedom Accounts. Amend RSA 194-F:4, V to read as follows:
V.(a) The scholarship organization may withhold from deposits or deduct from EFAs an amount to cover the costs of administering the EFA program, up to a maximum of 10 percent annually.
(b) For the fiscal year ending June 30, 2025 and the fiscal year ending June 30, 2026, the department of education may withhold up to 50 percent of the prior year costs associated with the education freedom account administrator established in RSA 21-N:7-a. The department shall calculate the total costs under this section and provide this amount to be withheld to the scholarship organization no later than August 15 of each year. The scholarship organization shall include the amount withheld under subparagraph (a), in the calculation of costs of administering the EFA program, which shall not exceed 10 percent annually of the EFAs approved.
(c) For the fiscal year ending June 30, 2027, and each fiscal year thereafter, the department of education may withhold 100 percent of the prior year costs associated with the education freedom account administrator established in RSA 21-N:7-a. The department shall calculate the total costs under this section and provide this amount to be withheld to the scholarship organization no later than August 15 of each year. The scholarship organization shall include the amount withheld under subparagraph (a) in the calculation of costs of administering the EFA program, which shall not exceed 10 percent annually of the EFAs approved.