BILL ANALYSIS                                                                                                                                                                                                    Ó



                                                                    ACR 168


                                                                    Page  1


          Date of Hearing:   April 28, 2016


                             ASSEMBLY COMMITTEE ON RULES


                                    Gordon, Chair


          ACR  
                      168 (Medina) - As Introduced  April 13, 2016


          SUBJECT:  529 College Savings Day


          SUMMARY:  Designates May 29, 2016, 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: 


          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 free of state and federal  
            taxes when those withdrawls 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 $6.37 billion  
            in total plan assets held in over 270,000 ScholarShare  
            accounts.


          3)Today, 49 states and the District of Columbia offer 529  
            college savings plans, nearly 12.5 million 529 accounts have  
            been opened, more than $253 billion have been saved for future  
            higher education expenses, and more than one million students  








                                                                    ACR 168


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            nationwide have withdrawn funds from 529 accounts to help pay  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


          REGISTERED SUPPORT / OPPOSITION:


          Support


          None on file


          Opposition
          None on file


          Analysis Prepared by:Nicole Willis / RLS. / (916) 319-2800