Bill Text: IL SR1840 | 2015-2016 | 99th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Designates May 29, 2016 as 529 College Savings Day in the State of Illinois to help raise awareness about the escalating costs of higher education and the importance of saving for college with the help of 529 college savings plans.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2016-05-31 - Resolution Adopted as Amended [SR1840 Detail]
Download: Illinois-2015-SR1840-Introduced.html
Bill Title: Designates May 29, 2016 as 529 College Savings Day in the State of Illinois to help raise awareness about the escalating costs of higher education and the importance of saving for college with the help of 529 college savings plans.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2016-05-31 - Resolution Adopted as Amended [SR1840 Detail]
Download: Illinois-2015-SR1840-Introduced.html
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1 | SENATE RESOLUTION
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2 | WHEREAS, 529 college savings plans are important tools for | ||||||
3 | Illinoisans, offering a diverse range of
investment options, | ||||||
4 | tax-deferred growth, tax-deductions benefits, and withdrawals | ||||||
5 | free of State
and federal taxes when those withdrawals are used | ||||||
6 | for qualified higher education expenses such as tuition,
fees, | ||||||
7 | books, computers, certain room and board costs, and required | ||||||
8 | supplies; and
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9 | WHEREAS, The enactment of Section 529 of the Internal | ||||||
10 | Revenue Code by Congress in 1996 allowed
states to create | ||||||
11 | "Qualified Tuition Programs"; and
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12 | WHEREAS, The Office of the Illinois State Treasurer serves | ||||||
13 | as the Trustee and Administrator for all
Illinois 529 College | ||||||
14 | Savings Plans; and
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15 | WHEREAS, The Bright Start and Bright Directions College | ||||||
16 | Savings Plans were created in Illinois in 2000
and 2005 | ||||||
17 | respectively, to assist Illinois families to finance the costs | ||||||
18 | associated with a college education; and
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19 | WHEREAS, Today, over 400,000 accounts have been created in | ||||||
20 | Illinois and over $7 Billion have been
saved for future higher | ||||||
21 | education expenses; and
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1 | WHEREAS, The Bright Start and Bright Directions College | ||||||
2 | Savings Plans have helped families meet
their higher education | ||||||
3 | goals with over $400 million withdrawn annually for qualified | ||||||
4 | higher education
expenses at colleges and universities in | ||||||
5 | Illinois and throughout the United States; and
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6 | WHEREAS, In Illinois, over the past 15 years, tuition rates | ||||||
7 | at four-year universities, and over the past 40
years, tuition | ||||||
8 | rates have consistently increased at two to three times the | ||||||
9 | rate of inflation every year; and
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10 | WHEREAS, Financial Assistance has shifted away from grants | ||||||
11 | to providing access toward student loans
so that today nearly | ||||||
12 | 60% of all federal financial aid is in the form of loans, | ||||||
13 | substantially increasing
the number of college graduates who | ||||||
14 | will face the burden of repaying significant student loan debt | ||||||
15 | upon
entering the workforce; and
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16 | WHEREAS, According to the Federal Reserve Bank of New York, | ||||||
17 | student loan debt has now reached
$1.2 trillion nationally, | ||||||
18 | which is more than triple the amount owed in 2005; and
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19 | WHEREAS, Americans are burdened with student loan debt as | ||||||
20 | there are 40 million borrowers with an
average balance of | ||||||
21 | $29,000; and
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1 | WHEREAS, The Illinois College Savings Plans help families | ||||||
2 | to limit or prevent future student loan debt
by helping them | ||||||
3 | save for future higher education expenses; and
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4 | WHEREAS, The investments families make today pay off in the | ||||||
5 | form of increased earning potential
for their children in the | ||||||
6 | future, with a college graduate earning an average of $1 | ||||||
7 | million more than a high
school graduate during his or her | ||||||
8 | career according to the United States Census Bureau; and
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9 | WHEREAS, In Illinois, the dream of achieving academic and | ||||||
10 | professional success is being threatened by
increasing tuition | ||||||
11 | rates and decreasing financial aid; and
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12 | WHEREAS, May 29th is recognized nationally as 529 College | ||||||
13 | Savings Day to raise awareness across the
country about the | ||||||
14 | benefits of tax-advantaged college savings plans, known as 529 | ||||||
15 | College Savings Plans,
as important vehicles to save for | ||||||
16 | college; therefore, be it
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17 | RESOLVED, BY THE SENATE OF THE NINETY-NINTH GENERAL | ||||||
18 | ASSEMBLY OF THE STATE OF ILLINOIS, that we designate the date | ||||||
19 | of May 29, 2016 as 529 College Savings Day in the State of | ||||||
20 | Illinois to help raise awareness about the escalating costs of | ||||||
21 | higher education and the importance of saving for college with |
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1 | the help of 529 college savings plans.
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