Bill > ACR202

This Concurrent Resolution proclaims May 29, 2026, as 529 College Savings Day to highlight the importance of saving for higher education. The resolution explains that 529 college savings plans, named after Section 529 of the Internal Revenue Code, are valuable tools for families to save for college expenses like tuition and fees, offering tax advantages such as tax-deferred growth and tax-free withdrawals for qualified education costs. It notes the significant growth and widespread availability of these plans, including California's ScholarShare 529 plan and the CalKIDS program, and emphasizes how these savings can help reduce the burden of student loan debt, which has reached substantial levels nationally. The resolution also acknowledges that the definition of qualified expenses for these plans has expanded to include apprenticeships and credentialing programs, recognizing the diverse pathways to future earning potential.