California 2019-2020 Regular Session

California Senate Bill SCR37 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	Senate Concurrent Resolution No. ~~37 CHAPTER 64~~ Relative to 529 College Savings Day. ~~[ Filed with Secretary of State May 22, 2019. ]~~ LEGISLATIVE COUNSEL'S DIGESTSCR 37, Leyva. 529 College Savings Day.This measure would designate May 29, 2019, as 529 College Savings Day, to raise awareness about the importance of saving for college with the help of 529 college savings plans.Digest Key Fiscal Committee: NO Bill TextWHEREAS, 529 college savings plans are important tools for California families that want to save for their childrens college education, offering a diverse range of investment options, tax-deferred growth, and withdrawals free of state and federal taxes when those withdrawals are used for qualified higher education expenses such as tuition, fees, books, computer equipment, certain room and board costs, and required supplies; and WHEREAS, While the first college savings plans were developed by states in 1988 as innovative programs designed to help families and students save for higher education expenses, it was not until the enactment of Section 529 of the Internal Revenue Code by Congress in 1996 that college savings plans began to rapidly gain popularity across the country; andWHEREAS, Today, 49 states and the District of Columbia offer 529 college savings plans, over 13.6 million 529 accounts have been opened, more than $328.9 billion have been saved for future higher education expenses, and more than one million students nationwide have withdrawn funds from 529 accounts to help pay higher education expenses; andWHEREAS, The ScholarShare 529 College Savings Plan, which has served as Californias official state-sponsored 529 college savings plan since its launch in 1999, has grown to more than $8.2 billion in total plan assets held in over 317,000 ScholarShare 529 accounts; andWHEREAS, The ScholarShare 529 College Savings Plan has helped students meet their higher education goals with over $513 million withdrawn in 2018 for qualified higher education expenses and funds distributed directly to at least 1,058 colleges and universities; andWHEREAS, In California, from 200708 through 201718, tuition rates at the University of California, the California State University, and the California Community Colleges increased 77 percent, 88 percent, and 130 percent, respectively, and over the past 40 years, tuition rates have consistently increased at two to three times the rate of inflation every year; andWHEREAS, Federal financial aid awards have shifted away from student grants to providing access to guaranteed student loans so that, today, 61 percent of all federal financial aid is in the form of loans, substantially increasing the number of college graduates who will face the burden of repaying significant student loan debt upon entering the workforce; andWHEREAS, According to the Federal Reserve Bank of New York, student loan debt has reached $1.5 trillion nationally, up from $620 billion in 2008; andWHEREAS, When Americans are burdened with student loan debt, they are not able to buy homes, cars, and other products that boost our economy; andWHEREAS, College savings plans, such as the ScholarShare 529 College Savings Plan, help families to limit or eliminate future student loan debt by helping them save for future higher education expenses; andWHEREAS, The contributions families make today pay off in the form of an increased earning potential for their children in the future, with a college graduate earning 50 percent more than a high school graduate according to the United States Census Bureau; andWHEREAS, May 29 is recognized nationally as 529 College Savings Day to help raise awareness across the country of the importance of saving for college with the help of 529 college savings plans; now, therefore, be itResolved by the Senate of the State of California, the Assembly thereof concurring, That the Legislature of the State of California hereby proclaims May 29, 2019, as 529 College Savings Day; and be it furtherResolved, That the Secretary of the Senate transmit sufficient copies of this resolution to the author for appropriate distribution.
	1	+	Enrolled May 20, 2019 Passed IN Senate May 02, 2019 Passed IN Assembly May 16, 2019 CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Senate Concurrent Resolution No. 37Introduced by Senator LeyvaApril 08, 2019 Relative to 529 College Savings Day. LEGISLATIVE COUNSEL'S DIGESTSCR 37, Leyva. 529 College Savings Day.This measure would designate May 29, 2019, as 529 College Savings Day, to raise awareness about the importance of saving for college with the help of 529 college savings plans.Digest Key Fiscal Committee: NO Bill TextWHEREAS, 529 college savings plans are important tools for California families that want to save for their childrens college education, offering a diverse range of investment options, tax-deferred growth, and withdrawals free of state and federal taxes when those withdrawals are used for qualified higher education expenses such as tuition, fees, books, computer equipment, certain room and board costs, and required supplies; and WHEREAS, While the first college savings plans were developed by states in 1988 as innovative programs designed to help families and students save for higher education expenses, it was not until the enactment of Section 529 of the Internal Revenue Code by Congress in 1996 that college savings plans began to rapidly gain popularity across the country; andWHEREAS, Today, 49 states and the District of Columbia offer 529 college savings plans, over 13.6 million 529 accounts have been opened, more than $328.9 billion have been saved for future higher education expenses, and more than one million students nationwide have withdrawn funds from 529 accounts to help pay higher education expenses; andWHEREAS, The ScholarShare 529 College Savings Plan, which has served as Californias official state-sponsored 529 college savings plan since its launch in 1999, has grown to more than $8.2 billion in total plan assets held in over 317,000 ScholarShare 529 accounts; andWHEREAS, The ScholarShare 529 College Savings Plan has helped students meet their higher education goals with over $513 million withdrawn in 2018 for qualified higher education expenses and funds distributed directly to at least 1,058 colleges and universities; andWHEREAS, In California, from 200708 through 201718, tuition rates at the University of California, the California State University, and the California Community Colleges increased 77 percent, 88 percent, and 130 percent, respectively, and over the past 40 years, tuition rates have consistently increased at two to three times the rate of inflation every year; andWHEREAS, Federal financial aid awards have shifted away from student grants to providing access to guaranteed student loans so that, today, 61 percent of all federal financial aid is in the form of loans, substantially increasing the number of college graduates who will face the burden of repaying significant student loan debt upon entering the workforce; andWHEREAS, According to the Federal Reserve Bank of New York, student loan debt has reached $1.5 trillion nationally, up from $620 billion in 2008; andWHEREAS, When Americans are burdened with student loan debt, they are not able to buy homes, cars, and other products that boost our economy; andWHEREAS, College savings plans, such as the ScholarShare 529 College Savings Plan, help families to limit or eliminate future student loan debt by helping them save for future higher education expenses; andWHEREAS, The contributions families make today pay off in the form of an increased earning potential for their children in the future, with a college graduate earning 50 percent more than a high school graduate according to the United States Census Bureau; andWHEREAS, May 29 is recognized nationally as 529 College Savings Day to help raise awareness across the country of the importance of saving for college with the help of 529 college savings plans; now, therefore, be itResolved by the Senate of the State of California, the Assembly thereof concurring, That the Legislature of the State of California hereby proclaims May 29, 2019, as 529 College Savings Day; and be it furtherResolved, That the Secretary of the Senate transmit sufficient copies of this resolution to the author for appropriate distribution.
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3		-	Senate Concurrent Resolution No. 37 CHAPTER 64 Relative to 529 College Savings Day. [ Filed with Secretary of State May 22, 2019. ] LEGISLATIVE COUNSEL'S DIGESTSCR 37, Leyva. 529 College Savings Day.This measure would designate May 29, 2019, as 529 College Savings Day, to raise awareness about the importance of saving for college with the help of 529 college savings plans.Digest Key Fiscal Committee: NO
	3	+	Enrolled May 20, 2019 Passed IN Senate May 02, 2019 Passed IN Assembly May 16, 2019 CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Senate Concurrent Resolution No. 37Introduced by Senator LeyvaApril 08, 2019 Relative to 529 College Savings Day. LEGISLATIVE COUNSEL'S DIGESTSCR 37, Leyva. 529 College Savings Day.This measure would designate May 29, 2019, as 529 College Savings Day, to raise awareness about the importance of saving for college with the help of 529 college savings plans.Digest Key Fiscal Committee: NO
	4	+
	5	+	Enrolled May 20, 2019 Passed IN Senate May 02, 2019 Passed IN Assembly May 16, 2019
	6	+
	7	+	Enrolled May 20, 2019
	8	+	Passed IN Senate May 02, 2019
	9	+	Passed IN Assembly May 16, 2019
	10	+
	11	+	CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION
4	12
5	13		Senate Concurrent Resolution No. 37
6		-	CHAPTER 64
	14	+
	15	+	Introduced by Senator LeyvaApril 08, 2019
	16	+
	17	+	Introduced by Senator Leyva
	18	+	April 08, 2019
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8	20		Relative to 529 College Savings Day.
9		-
10		-	[ Filed with Secretary of State May 22, 2019. ]
11	21
12	22		LEGISLATIVE COUNSEL'S DIGEST
13	23
14	24		## LEGISLATIVE COUNSEL'S DIGEST
15	25
16	26		SCR 37, Leyva. 529 College Savings Day.
17	27
18	28		This measure would designate May 29, 2019, as 529 College Savings Day, to raise awareness about the importance of saving for college with the help of 529 college savings plans.
19	29
20	30		This measure would designate May 29, 2019, as 529 College Savings Day, to raise awareness about the importance of saving for college with the help of 529 college savings plans.
21	31
22	32		## Digest Key
23	33
24	34		## Bill Text
25	35
26	36		WHEREAS, 529 college savings plans are important tools for California families that want to save for their childrens college education, offering a diverse range of investment options, tax-deferred growth, and withdrawals free of state and federal taxes when those withdrawals are used for qualified higher education expenses such as tuition, fees, books, computer equipment, certain room and board costs, and required supplies; and
27	37
28	38		WHEREAS, While the first college savings plans were developed by states in 1988 as innovative programs designed to help families and students save for higher education expenses, it was not until the enactment of Section 529 of the Internal Revenue Code by Congress in 1996 that college savings plans began to rapidly gain popularity across the country; and
29	39
30	40		WHEREAS, Today, 49 states and the District of Columbia offer 529 college savings plans, over 13.6 million 529 accounts have been opened, more than $328.9 billion have been saved for future higher education expenses, and more than one million students nationwide have withdrawn funds from 529 accounts to help pay higher education expenses; and
31	41
32	42		WHEREAS, The ScholarShare 529 College Savings Plan, which has served as Californias official state-sponsored 529 college savings plan since its launch in 1999, has grown to more than $8.2 billion in total plan assets held in over 317,000 ScholarShare 529 accounts; and
33	43
34	44		WHEREAS, The ScholarShare 529 College Savings Plan has helped students meet their higher education goals with over $513 million withdrawn in 2018 for qualified higher education expenses and funds distributed directly to at least 1,058 colleges and universities; and
35	45
36	46		WHEREAS, In California, from 200708 through 201718, tuition rates at the University of California, the California State University, and the California Community Colleges increased 77 percent, 88 percent, and 130 percent, respectively, and over the past 40 years, tuition rates have consistently increased at two to three times the rate of inflation every year; and
37	47
38	48		WHEREAS, Federal financial aid awards have shifted away from student grants to providing access to guaranteed student loans so that, today, 61 percent of all federal financial aid is in the form of loans, substantially increasing the number of college graduates who will face the burden of repaying significant student loan debt upon entering the workforce; and
39	49
40	50		WHEREAS, According to the Federal Reserve Bank of New York, student loan debt has reached $1.5 trillion nationally, up from $620 billion in 2008; and
41	51
42	52		WHEREAS, When Americans are burdened with student loan debt, they are not able to buy homes, cars, and other products that boost our economy; and
43	53
44	54		WHEREAS, College savings plans, such as the ScholarShare 529 College Savings Plan, help families to limit or eliminate future student loan debt by helping them save for future higher education expenses; and
45	55
46	56		WHEREAS, The contributions families make today pay off in the form of an increased earning potential for their children in the future, with a college graduate earning 50 percent more than a high school graduate according to the United States Census Bureau; and
47	57
48	58		WHEREAS, May 29 is recognized nationally as 529 College Savings Day to help raise awareness across the country of the importance of saving for college with the help of 529 college savings plans; now, therefore, be it
49	59
50	60		Resolved by the Senate of the State of California, the Assembly thereof concurring, That the Legislature of the State of California hereby proclaims May 29, 2019, as 529 College Savings Day; and be it further
51	61
52	62		Resolved, That the Secretary of the Senate transmit sufficient copies of this resolution to the author for appropriate distribution.