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IN HB1276
Bill
Status
1/13/2015
Primary Sponsor
Todd Huston
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AI Summary
HB 1276 Summary
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Establishes the education savings performance incentive award fund to reward highly effective and effective teachers employed by school corporations.
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Eligible teachers who have received "highly effective" or "effective" performance ratings for 8 of the preceding 10 years are entitled to a $2,500 contribution to an education savings account of their choice.
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Teachers may receive only one contribution per 10-year period; contributions are not counted as income for state income tax purposes.
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The department of education administers the fund and must process eligible applications within 60 days, with contributions directed to accounts designated by teachers.
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The fund receives continuous appropriation and consists of state appropriations plus any gifts, grants, devises, or bequests; fund balance does not revert to general fund at fiscal year end.
Legislative Description
Incentive award for teachers. Establishes the education savings performance incentive award fund (fund) to reward highly effective and effective teachers by paying contributions to certain education savings accounts. Provides that a teacher who: (1) is employed by a school corporation; and (2) has been rated highly effective or effective in performance evaluations for eight of the immediately preceding 10 years the teacher has been employed by a school corporation as a teacher; is entitled to receive from the fund a contribution of $2,500 to an account designated by the teacher. Provides that only one contribution may be paid in a
Last Action
Authored by Representative Huston
1/13/2015