BillTrack50 logo
Free Signup Login
Bill

Bill > HB572

MS HB572

Mental Health Employee Retention Loan Repayment Program; create and provide funding for.

summary

Introduced
01/15/2025
In Committee
01/15/2025
Crossed Over
Passed
Dead
02/04/2025

Introduced Session

2025 Regular Session

Bill Summary

An Act To Create The Mental Health Employee Retention Loan Repayment Program For Certain New Mental Health Employees To Be Administered By The Mississippi Postsecondary Education Financial Assistance Board; To Provide Eligibility Requirements For Persons Seeking To Participate In The Program; To Set A Maximum Amount Of Loan Repayment Assistance Under The Program; To Require The Mississippi Postsecondary Education Financial Assistance Board To Promulgate Regulations Necessary For The Proper Administration Of This Act, Including Setting A Fiscal Year Policy For The Program And Application Dates And Deadlines; To Create The "mental Health Employee Retention Loan Repayment Fund" As A Special Fund In The State Treasury; To Provide That Monies In The Fund Shall Be Used By The Mississippi Postsecondary Education Financial Assistance Board, Upon Appropriation By The Legislature, For The Purpose Of Paying Awards Under The Mental Health Employee Retention Loan Repayment Program; To Amend Section 27-7-15, Mississippi Code Of 1972, To Revise The Definition Of The Term "gross Income" Under The State Income Tax Law To Exclude Loan Repayment Assistance Provided Under The Mental Health Employee Retention Loan Repayment Program; To Amend Section 27-69-3, Mississippi Code Of 1972, To Revise The Definition Of The Term "tobacco" Under The Tobacco Tax Law; To Define The Term "vapor Product" Under The Tobacco Tax Law; To Amend Section 27-69-13, Mississippi Code Of 1972, To Levy An Excise Tax On Vapor Products; To Amend Sections 27-69-15, 27-69-27, 27-69-33 And 27-69-35, Mississippi Code Of 1972, In Conformity Thereto; To Amend Section 27-69-75, Mississippi Code Of 1972, To Provide That The Revenue Derived From The Excise Tax On Vapor Products Shall Be Deposited Into The "mental Health Employee Retention Loan Repayment Fund"; To Bring Forward Section 27-69-69, Mississippi Code Of 1972, Which Is A Section Of The Tobacco Tax Law, For The Purposes Of Possible Amendment; And For Related Purposes.

AI Summary

This bill establishes the Mental Health Employee Retention Loan Repayment Program to help address workforce challenges in Mississippi's mental health system. The program will provide up to $6,000 annually for up to three years to new mental health employees to help repay their educational loans. Eligible participants must be full-time mental health employees (working at least 30 hours per week) in the state mental health system or community mental health centers, who have gained employment within the past year and have outstanding qualifying educational loans. Recipients will be selected on a first-come, first-served basis, with awards paid directly to their loan servicers after completing a full year of employment. The bill also creates a special fund in the state treasury to support the program, funded in part by a new 25% excise tax on vapor products. Additionally, the bill amends the state tax code to exclude these loan repayment awards from gross income, making them tax-free for recipients. The program is set to expire on July 1, 2029, and aims to help retain mental health professionals in Mississippi by providing financial assistance to offset educational debt.

Committee Categories

Health and Social Services

Sponsors (1)

Last Action

Died In Committee (on 02/04/2025)

bill text

bill summary

Loading...

bill summary

Loading...
Loading...