Current Status:

Passed

(2026-06-26: Chaptered by Secretary of State - Res. Chapter 137, Statutes of 2026.)

Introduced

In Committee

Awaiting First Chamber Vote

Passed First Chamber

In Committee

Awaiting Second Chamber Vote

Passed Second Chamber

Enacted

What does this bill do?

This resolution proclaims May 29, 2026, as 529 College Savings Day in California. It highlights 529 college savings plans—including ScholarShare and CalKIDS—as tools that help families save tax-free for college and other qualified education costs.

Version:

This measure would proclaim May 29, 2026, as 529 College Savings Day.

Version:

WHEREAS, For California families that want to save for their childrens college education, 529 college savings plans are important tools, 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; and

WHEREAS, This year, 2026, represents 30 years of 529 plans, 49 states and the District of Columbia offer 529 college savings plans, over 17,700,000 529 college savings accounts have been opened, and more than $603,000,000,000 have been saved for future higher education expenses; and

WHEREAS, The ScholarShare 529 College Savings Plan, which has served as Californias official state-sponsored 529 college savings plan for more than 26 years since its launch in 1999, has grown to more than $17,300,000,000 in total plan assets held in over 487,145 ScholarShare 529 accounts; and

WHEREAS, The ScholarShare 529 College Savings Plan has helped students meet their higher education goals with more than $1,100,000,000 withdrawn in 2025 alone for qualified higher education expenses and funds distributed directly to over 1,100 colleges and universities; and

WHEREAS, The Legislature originally enacted in 2019 the California Kids Investment and Development Savings Program, also known as CalKIDS, the nations largest child development account program, with the intent of supporting more families across the state in beginning to save through 529 college savings plans after the programs formal launch in 2022; and

WHEREAS, The ScholarShare 529 College Savings Plan has experienced significant growth, with record numbers in 2025 in new accounts opened and new contributions, and in total assets under management over the last few years, demonstrating a strong connection with the original vision of CalKIDS; and

WHEREAS, Since the launch of CalKIDS, the ScholarShare 529 College Savings Plan has expanded college savings across California, helping lower income families learn about the power of 529 college savings plans; and

WHEREAS, Nationally, from 199596 to 202526, inclusive, average published tuition and fees increased from $5,940 to $11,950 at public four-year colleges and universities, and from $25,820 to $45,000 at private nonprofit four-year colleges and universities; and

WHEREAS, Federal financial aid awards have shifted away from student grants to providing access to guaranteed student loans so that, today, nearly 60 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

WHEREAS, According to the Federal Reserve Bank of New York, student loan debt has reached $1,841,700,000,000 nationally, up from $620,000,000,000 in 2008; and

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

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 allow for savings through college savings plans to be used to pay student loans; and

WHEREAS, Over time, the federal government has taken positive steps to expand eligible uses for college savings plans, including to pay for expenses associated with eligible postsecondary credentialing programs and apprenticeships programs, recognizing the value of saving beyond traditional college; and

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 59 percent more than a high school graduate according to the National Center for Education Statistics; and

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

Resolved by the Assembly of the State of California, the Senate thereof concurring, That the Legislature hereby proclaims May 29, 2026, as 529 College Savings Day; and be it further

Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the author for appropriate distribution.