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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2021 - 2022
Regular Session
MEMORANDUM
| Posted: | March 28, 2022 12:47 PM |
|---|---|
| From: | Senator Scott Martin |
| To: | All Senate members |
| Subject: | Designating May 29, 2022, as “College and Career Savings Day” in Pennsylvania |
| In the near future, I will be introducing a resolution designating May 29, 2022, as “College and Career Savings Day” in Pennsylvania. When the Pennsylvania 529 College and Career Savings Program was signed into law on April 3, 1992, the Commonwealth recognized the importance and challenges of saving for higher education, including four-year colleges and universities, community colleges, technical schools, and qualified apprenticeship programs. “College and Career Savings Day” on May 29 will further encourage families and children to save for their future by reminding them that there are available tax-advantaged programs designed to save for higher education, reducing the need for borrowing. The program is set up in a way that allows Pennsylvanians to choose between two savings plans: the PA 529 Guaranteed Savings Plan, in which savings grow based on college tuition inflation, or the PA 529 Investment Plan, in which returns are based on market performance. PA 529 accounts offer generous tax benefits, including a state income tax deduction for contributions and no federal or state income taxes on investment growth. PA 529 account assets have no effect on Pennsylvania state financial aid eligibility and can be used to help pay for tuition, fees, equipment, books, room and board and other qualified expenses at most schools. The PA 529 College and Career Savings Program has helped many Pennsylvanians save money when choosing a postsecondary education path over the years. Please join me in cosponsoring this resolution. |
Introduced as SR282