Spaulding says Powerball revenue should go to higher ed

Print More

(Host) Incoming State Treasurer Jeb Spaulding says he’ll ask the Legislature to consider several proposals that are designed to make higher education more affordable for low- and middle-income Vermont families.

Spaulding wants to dedicate revenue from the multi-state lottery game known as Powerball to the state’s Higher Education Trust Fund. The fund, which has an endowment of $7 million, makes grants available to students who attend public or independent colleges in Vermont. Some backers of Act 60 reform also have their eye on new revenue from Powerball.

Spaulding argues that the estimated $3 million in new money would have a much bigger impact if lawmakers allocate it to the Higher Education Fund:

(Spaulding) “It would be so small on a relative basis it wouldn’t even make a dent. It wouldn’t lower property taxes. It would just be swallowed up in the K-12 education fund. Whereas if you put this money to building for the future, building the Higher Education Trust Fund that gives Vermonters on an individual basis grants to go to college in Vermont, it would make a big difference that people would notice.”

(Host) Spaulding says he’ll also ask lawmakers to support a proposal to create limited income tax credits for individuals who make contributions to Higher Education Investment Plans. Those plans are managed by the Vermont Student Assistance Corporation.

Comments are closed.