Test Drive Our New Site! We have some improvements in the works that we're excited for you to experience. Click here to try our new, faster, mobile friendly beta site. We will be maintaining our current version of the site thru the end of 2024, so you can switch back as our improvements continue.
Legislation Quick Search
Advanced Search
Pennsylvania House of Representatives
04/23/2024 06:16 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20130&cosponId=14522
Share:
Home / House Co-Sponsorship Memoranda

House Co-Sponsorship Memoranda

Subscribe to PaLegis Notifications
NEW!

Subscribe to receive notifications of new Co-Sponsorship Memos circulated

By Member | By Date | Keyword Search


House of Representatives
Session of 2013 - 2014 Regular Session

MEMORANDUM

Posted: April 9, 2014 02:47 PM
From: Representative Keith J. Greiner
To: All House members
Subject: Amendments to the Tuition Account Programs and College Savings Bond Act
 
In the near future, I plan to introduce legislation that is of vital importance to Pennsylvania families who are investing in college savings plans.

In 2006, Pennsylvania passed legislation that provided a tax deduction for individuals who contribute to a college savings plan. This deduction is allowable regardless to which college savings plan the individual chose to contribute to. My legislation amends the Tuition Account Programs and College Savings Bond Act to build on the benefits of these college savings plans as follows:
  1. Current Pennsylvania law protects the Pennsylvania sponsored college savings plans from creditors. My legislation will extend this protection to any college savings plan a Pennsylvania family has chosen, regardless of the sponsoring entity.
  2. Currently, only the Pennsylvania sponsored college savings plans are excluded from state funded student loan and aid eligibility determinations. My legislation will provide that assets in any college savings plan will be excluded from student loan and aid eligibility determinations for any programs administered by an agency of the Commonwealth of Pennsylvania.
Hundreds of thousands of Pennsylvania families utilize college savings plans to prepare for the financial investment of higher education – be it for themselves, their children, their grandchildren or other family members. College costs have risen significantly in recent years across the nation at public and private colleges where many of Pennsylvania families send their children to college. It is about time that we make these updates and enhancements available to Pennsylvania families and their hard earned college savings accounts.


Introduced as HB2202