Relating to: creating a veterinary loan repayment grant program administered by the Higher Educational Aids Board and exempting from taxation amounts received from such a grant program.

SB 501 creates a state program to help veterinarians repay student loans by providing annual grants of up to $25,000 (max $100,000 total) to those working full-time in rural counties. To qualify, veterinarians must have at least $25,000 in veterinary education debt, work in a rural county for one year, and provide at least 25% of their care to farm animals (defined as animals raised for food or fiber). The program, administered by the Higher Educational Aids Board, is available to recent graduates (within 7 years) or final-year veterinary students. Amounts received through the grant are exempt from state income tax.