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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2015 - 2016
Regular Session
MEMORANDUM
| Posted: | June 26, 2015 01:22 PM |
|---|---|
| From: | Senator Rob Teplitz |
| To: | All Senate members |
| Subject: | Legislation – State Tax Return PA 529 College Savings Account Designation |
| In the near future, I plan to introduce legislation which will create a checkbox on the state’s income tax form that designates a refund amount to be deposited directly into a 529 college savings plan. The PA 529 aims to make college more affordable for families. By promoting this plan we will stress the importance of saving for college, help citizens maximize their college savings, and encourage more individuals to take advantage of the plan’s benefits. According to the College Board, the average cost for tuition and fees at four-year public institutions has increased nearly 51% over the last 10 years (after adjusting for inflation). Therefore, it has become more important than ever to find new and innovative ways to save for college. Allowing taxpayers to automatically have a portion of their income tax refunds deposited into their PA 529 plan is one such innovative approach that we should consider. This is similar to legislation which I co-sponsored, previously filed by Senator Smith. The bill was previously co-sponsored by Senators Williams, Brewster, Vulakovich, Tartaglione, Fontana, Schwank, Alloway, Rafferty, Costa, Yudichak, Mensch, Kitchen and Boscola. I hope you will join me in co-sponsoring this important piece of legislation. |
Introduced as SB963