BILL ANALYSIS Ó
ACR 47
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ASSEMBLY THIRD READING
ACR
47 (Chau)
As Introduced March 18, 2015
Majority vote
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|Committee |Votes |Ayes |Noes |
|----------------+------+----------------------+--------------------|
|Rules |10-0 |Gordon, Chang, Burke, | |
| | |Cooley, Dodd, Jones, | |
| | |Mayes, Rodriguez, | |
| | |Waldron, Wood | |
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SUMMARY: Designates May 29, 2015, as 529 College Savings Day, to
raise awareness about the importance of saving for college with
the help of 529 college savings plan. Specifically, this
resolution makes the following legislative findings:
1)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 are used for qualified
higher education expenses such as tuition, fees, books, certain
room and board costs, and required supplies.
2)The ScholarShare College Savings Plan, which has served as
California's official state-sponsored 529 college savings plan
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since its launch in 1999, has grown to more than $6.3 billion in
total plan assets held in over 260,000 ScholarShare accounts.
3)Today, 49 states and the District of Columbia offer 529 college
savings plans, nearly 12 million 529 accounts have been opened,
more than $244 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nationwide have withdrawn funds from 529 accounts to help pay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.
4)College savings plans, such as the ScholarShare 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
Analysis Prepared by:
Nicole Willis / RLS. / (916) 319-2800 FN: 0000208