SCR 37: 529 College Savings Day.
- Session Year: 2019-2020
- House: Senate
- Latest Version Date: 2019-05-22
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Date
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Status
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| May 22, 2019 | Chaptered by Secretary of State. Res. Chapter 64, Statutes of 2019. |
| May 22, 2019 | Enrolled and filed with the Secretary of State at 3 p.m. |
| May 16, 2019 | In Senate. Ordered to engrossing and enrolling. |
| May 16, 2019 | Read. Adopted. Ordered to the Senate. |
| May 9, 2019 | From committee: Be adopted. Ordered to consent calendar. (Ayes 11. Noes 0.) (May 9). |
| May 6, 2019 | Referred to Com. on RLS. |
| May 2, 2019 | In Assembly. Held at Desk. |
| May 2, 2019 | Read. Adopted. (Ayes 38. Noes 0.) Ordered to the Assembly. |
| Apr 24, 2019 | From committee: Ordered to third reading. |
| Apr 8, 2019 | Introduced. Referred to Com. on RLS. |
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Date
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Description
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Location
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Votes
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| May 16, 2019 | SCR 37 Leyva Consent Calendar Second Day Regular Session | Assembly Floor |
Passed |
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| May 9, 2019 | Be adopted. To Consent Calendar. | Assembly Standing Committee on Rules |
Passed |
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| May 2, 2019 | Senate 3rd Reading SCR37 Leyva | Senate Floor |
Passed |
This list shows positions taken on this bill by organizations on the date displayed, which is linked to the original source.
Positions by individuals are not included.
Date of Hearing: May 9, 2019
ASSEMBLY COMMITTEE ON RULES
Ken Cooley, Chair
SBPCA Bill Id:SCR 37
Author:(Leyva) – As Introduced Ver:April 8, 2019
SENATE VOTE: 38-0
SUBJECT: 529 College Savings Day
SUMMARY: Designates 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. Specifically, this resolution makes the following legislative findings:
- 529 college savings plans are important tools for California families that want to save for their children’s 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.
- 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.
- 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.
- The ScholarShare 529 College Savings Plan, which has served as California’s 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. 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.
- 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.
- According to the Federal Reserve Bank of New York, student loan debt has reached $1.5 trillion nationally, up from $620 billion in 2008. When Americans are burdened with student loan debt, they are not able to buy homes, cars, and other products that boost our economy. 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.
FISCAL EFFECT: None
REGISTERED SUPPORT / OPPOSITION:
Support
None on file
Opposition
None on file
Analysis Prepared by: Nicole Willis / RLS. / (916) 319-2800
Office of Senate Floor Analyses (916) 651-1520 Fax: (916) 327-4478 | SCR 37 |
THIRD READING
Bill No: SCR 37
Introduced: 4/8/19
SUBJECT: 529 College Savings Day
SOURCE: State Treasurer Fiona Ma
DIGEST:
This resolution designates 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.
ANALYSIS: This resolution makes the following legislative findings:
- 529 college savings plans are important tools for California families that want to save for their children’s 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.
- 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.
- The ScholarShare 529 College Savings Plan, which has served as California’s 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. 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.
- 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.
- According to the Federal Reserve Bank of New York, student loan debt has reached $1.5 trillion nationally, up from $620 billion in 2008. When Americans are burdened with student loan debt, they are not able to buy homes, cars, and other products that boost our economy. 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.
This resolution designates 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.
Comments
According to the author,
By declaring May 29, 2019 as 529 College Savings Day, SCR 37 will raise awareness among California families of all income levels about the importance of saving for college and the significant role that 529 savings plans can play in that process.
Related/Prior Legislation
ACR 216 (Muratsuchi, Resolution Chapter 84, Statutes of 2018) designated May 29, 2018, as 529 College Savings Day, to raise awareness about the importance of saving for college with the help of 529 college savings plans.
ACR 57 (McCarty, Resolution Chapter 80, Statutes of 2017) designated May 29, 2017, as 529 College Savings Day, to raise awareness about the importance of saving for college with the help of 529 college savings plans.
FISCAL EFFECT: Appropriation: No Fiscal Com.: No Local: No
State Treasurer Fiona Ma (source)
OPPOSITION: (Verified 4/23/19)
None received
Prepared by: Jonas Austin / SFA / (916) 651-1520
4/24/19 13:56:49
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Bill Author
Bill Co-Author(s):