20250ACR_008597CHP INTRODUCED 2025-05-12 PASSED_ASSEMBLY 2025-05-29 PASSED_SENATE 2025-06-19 ENROLLED 2025-06-20 CHAPTERED 2025-06-25 FILED 2025-06-25 2025 ACR CHP CHR 0 Introduced by Assembly Member Garcia (Coauthors: Assembly Members Addis, Aguiar-Curry, Ahrens, Alanis, Arambula, Ávila Farías, Bains, Bauer-Kahan, Bennett, Berman, Boerner, Bonta, Calderon, Caloza, Carrillo, Castillo, Connolly, Davies, DeMaio, Dixon, Elhawary, Ellis, Flora, Fong, Gabriel, Gallagher, Gipson, Jeff Gonzalez, Mark González, Hadwick, Haney, Harabedian, Hart, Hoover, Irwin, Jackson, Kalra, Krell, Lackey, Lee, Lowenthal, Macedo, McKinnor, Muratsuchi, Ortega, Pacheco, Papan, Patel, Patterson, Pellerin, Petrie-Norris, Quirk-Silva, Ramos, Ransom, Rivas, Celeste Rodriguez, Michelle Rodriguez, Rogers, Blanca Rubio, Sanchez, Schiavo, Schultz, Soria, Stefani, Ta, Valencia, Wallis, Wicks, Wilson, and Zbur) LEAD_AUTHOR ASSEMBLY Garcia COAUTHOR ASSEMBLY Addis COAUTHOR ASSEMBLY Aguiar-Curry COAUTHOR ASSEMBLY Ahrens COAUTHOR ASSEMBLY Alanis COAUTHOR ASSEMBLY Arambula COAUTHOR ASSEMBLY Ávila Farías COAUTHOR ASSEMBLY Bains COAUTHOR ASSEMBLY Bauer-Kahan COAUTHOR ASSEMBLY Bennett COAUTHOR ASSEMBLY Berman COAUTHOR ASSEMBLY Boerner COAUTHOR ASSEMBLY Bonta COAUTHOR ASSEMBLY Calderon COAUTHOR ASSEMBLY Caloza COAUTHOR ASSEMBLY Carrillo COAUTHOR ASSEMBLY Castillo COAUTHOR ASSEMBLY Connolly COAUTHOR ASSEMBLY Davies COAUTHOR ASSEMBLY DeMaio COAUTHOR ASSEMBLY Dixon COAUTHOR ASSEMBLY Elhawary COAUTHOR ASSEMBLY Ellis COAUTHOR ASSEMBLY Flora COAUTHOR ASSEMBLY Fong COAUTHOR ASSEMBLY Gabriel COAUTHOR ASSEMBLY Gallagher COAUTHOR ASSEMBLY Gipson COAUTHOR ASSEMBLY Jeff Gonzalez COAUTHOR ASSEMBLY Mark González COAUTHOR ASSEMBLY Hadwick COAUTHOR ASSEMBLY Haney COAUTHOR ASSEMBLY Harabedian COAUTHOR ASSEMBLY Hart COAUTHOR ASSEMBLY Hoover COAUTHOR ASSEMBLY Irwin COAUTHOR ASSEMBLY Jackson COAUTHOR ASSEMBLY Kalra COAUTHOR ASSEMBLY Krell COAUTHOR ASSEMBLY Lackey COAUTHOR ASSEMBLY Lee COAUTHOR ASSEMBLY Lowenthal COAUTHOR ASSEMBLY Macedo COAUTHOR ASSEMBLY McKinnor COAUTHOR ASSEMBLY Muratsuchi COAUTHOR ASSEMBLY Ortega COAUTHOR ASSEMBLY Pacheco COAUTHOR ASSEMBLY Papan COAUTHOR ASSEMBLY Patel COAUTHOR ASSEMBLY Patterson COAUTHOR ASSEMBLY Pellerin COAUTHOR ASSEMBLY Petrie-Norris COAUTHOR ASSEMBLY Quirk-Silva COAUTHOR ASSEMBLY Ramos COAUTHOR ASSEMBLY Ransom COAUTHOR ASSEMBLY Rivas COAUTHOR ASSEMBLY Celeste Rodriguez COAUTHOR ASSEMBLY Michelle Rodriguez COAUTHOR ASSEMBLY Rogers COAUTHOR ASSEMBLY Blanca Rubio COAUTHOR ASSEMBLY Sanchez COAUTHOR ASSEMBLY Schiavo COAUTHOR ASSEMBLY Schultz COAUTHOR ASSEMBLY Soria COAUTHOR ASSEMBLY Stefani COAUTHOR ASSEMBLY Ta COAUTHOR ASSEMBLY Valencia COAUTHOR ASSEMBLY Wallis COAUTHOR ASSEMBLY Wicks COAUTHOR ASSEMBLY Wilson COAUTHOR ASSEMBLY Zbur Relative to College Savings Day. 529 College Savings Day College Savings Day.

This measure would proclaim May 29, 2025, as College Savings Day. NO

WHEREAS, 529 college savings plans are important tools for California families that want to save for their children’s college education, offering a diverse range of investment options, tax-deferred growth, and withdrawals free of state and federal taxes when those withdrawals are used for qualified higher education expenses, such as tuition, fees, books, computer equipment, certain room and board costs, and required supplies; and

WHEREAS, While the first college savings plans were developed by states in as innovative programs designed to help families and students save for higher education expenses, it was not until the enactment of

Section of the Internal Revenue Code by Congress in that college savings plans began to rapidly gain popularity across the country; and

WHEREAS, Today, 49 states and the District of Columbia offer college savings plans, over 17,000,000 accounts have been opened, and more than $525,000,000,000 have been saved for future higher education expenses; and

WHEREAS, The ScholarShare College Savings Plan, which has served as California’s official state-sponsored college savings plan for more than years since its launch in 1999, has grown to more than $16,400,000,000 in total plan assets held in over 454,000 ScholarShare accounts; and

WHEREAS, The ScholarShare College Savings Plan has helped students meet their higher education goals with more than $1,000,000,000 withdrawn in alone for qualified higher education expenses and funds distributed directly to over 1,100 colleges and universities; and

WHEREAS, Nationally from 1994–95 to 2024–25, inclusive, average published tuition and fees increased from $5,740 to $11,610 at public four-year colleges and universities, and from $24,840 to $43,350 at private nonprofit four-year colleges and universities; and

WHEREAS, Federal financial aid awards have shifted away from student grants to providing access to guaranteed student loans so that, today, over percent of all federal financial aid is in the form of loans, substantially increasing the number of college graduates who will face the burden of repaying significant student loan debt upon entering the workforce; and

WHEREAS, According to the Federal Reserve Bank of New York, student loan debt has reached $1,770,000,000,000 nationally, up from $620,000,000,000 in 2008; and

WHEREAS, When Americans are burdened with student loan debt, they are not able to buy homes, cars, and other products that boost our economy; and

WHEREAS, College savings plans, such as the ScholarShare College Savings Plan, help families to limit or eliminate future student loan debt by helping them save for future higher education expenses; and

WHEREAS, The contributions families make today pay off in the form of an increased earning potential for their children in the future, with a college graduate earning percent more than a high school graduate according to the National Center for Education Statistics; and

WHEREAS, May is recognized nationally as College Savings Day to help raise awareness across the country of the importance of saving for college with the help of college savings plans;

now, therefore,

be it Resolved by the Assembly of the State of California, the Senate thereof concurring, That the Legislature hereby proclaims May 29, 2025, as College Savings Day; and be it further Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the author for appropriate distribution.