AB 505

This bill establishes a veterinary loan repayment grant program administered by the Higher Educational Aids Board to provide financial assistance to veterinarians employed in rural counties in repaying educational loan obligations incurred to become qualified to practice veterinary medicine. For purposes of the program, an “eligible applicant” is an individual who 1) is enrolled in an accredited school of veterinary medicine and is in his or her final year leading to a doctor of veterinary medicine (DVM) degree or 2) was awarded a DVM degree from an accredited school of veterinary medicine in the preceding seven years.

Under the bill, HEAB may award grants to eligible applicants if, at the time the grant is awarded, the eligible applicant has 1) an outstanding balance of at least $25,000 in educational debt incurred to pursue or obtain a DVM degree; and 2) secured or committed to secure full-time employment as a Wisconsin-licensed veterinarian for at least one year in a rural county. A grant award may be used only to repay educational debt incurred to pursue or obtain a DVM degree. The total amount of a grant awarded may not exceed the lesser of the outstanding balance of this educational debt or $25,000 for each year that the eligible applicant secured or committed to secure qualifying employment, not exceeding $100,000 in total. HEAB must pay grant awards annually until the total amount of the grant awarded has been paid, with no annual payment exceeding $25,000. HEAB may not make an annual payment of a grant award unless the eligible applicant completed the year of full-time employment as a veterinarian in a rural county and, during this year, provided at least 25 percent of his or her employed veterinary care to farm animals.

Under the bill, the grant amounts that a veterinarian receives under the program are exempt from taxation.

Because this bill relates to an exemption from state or local taxes, it may be referred to the Joint Survey Committee on Tax Exemptions for a report to be printed as an appendix to the bill.