SB 430 SUMMARY: Removes the $500 Loss Limit

http://www.senate.mo.gov/07info/BTS_Web/Bill.aspx?SessionType=R&BillID=10736
Co-Sponsor(s): Victor Callahan (D), District 11 - Chris Koster (R), District 31

Read the full text of SB 430

Current Bill Summary
SCS/SB 430 - This act establishes the Smart Start Scholarship Program. The program will offer grants for educational expenses incurred while attending a qualifying institution for no more than two academic years to each person who attends a Missouri high school for three consecutive academic years immediately prior to being graduated from the institution, and who, within two calendar years from the date of graduation, applies for a grant under this act. The act defines a "qualifying institution" as:

1. an "approved public institution" or an "approved private institution", as such terms are currently defined in statute; or
2. a proprietary school certificated to operate in this state by the department of higher education; or
3. an educational institution located in Missouri deemed acceptable by the department under rules promulgated pursuant to the act.

Grant amounts shall be distributed to each qualifying student by the department, which shall annually establish a maximum grant amount based on the number of applicants and available monies in the fund. The program shall be administered by the Missouri Department of Higher Education, which shall promulgate rules to establish a procedure for implementing the program.

This act renders the following alterations to the state's gaming policy:
Repeals the maximum loss limit of five hundred dollars per individual player per gambling excursion; Institutes a cap of thirteen licenses to operate excursion gambling boats in the state; and Imposes an education allowance of one percent on adjusted gross receipts in excess of forty million dollars for gaming licensees.

The act directs the revenue derived from the loss limit repeal and the education allowance to the newly created Smart Start Scholarship Fund in order to fund the Smart Start Scholarship Program.

The act contains an effective date of July 1, 2008.