BILL ANALYSIS Ó
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|SENATE RULES COMMITTEE | ACR 47|
|Office of Senate Floor Analyses | |
|(916) 651-1520 Fax: (916) | |
|327-4478 | |
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THIRD READING
Bill No: ACR 47
Author: Chau (D), et al.
Amended: 5/11/15 in Assembly
Vote: 21
ASSEMBLY FLOOR: Read and adopted, 5/11/15
SUBJECT: 529 College Savings Day
SOURCE: State Treasurer's Office
DIGEST: This resolution 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 plans.
ANALYSIS: 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
since its launch in 1999, has grown to more than $6.3 billion
in total plan assets held in over 260,000 ScholarShare
accounts.
ACR 47
Page 2
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nationwide have withdrawn funds from 529 accounts to help pay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.
This resolution 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 plans.
FISCAL EFFECT: Appropriation: No Fiscal
Com.:NoLocal: No
SUPPORT: (Verified5/18/15)
State Treasurer's Office (source)
ScholarShare
OPPOSITION: (Verified5/18/15)
None received
ACR 47
Page 3
Prepared by:Melissa Ward / SFA / (916) 651-1520
5/26/15 11:39:53
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