Full Text of HR1223 99th General Assembly
HR1223 99TH GENERAL ASSEMBLY |
| | HR1223 | | LRB099 21665 MST 48169 r |
|
| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, 529 college savings plans are important tools for | 3 | | Illinoisans, offering a diverse range of
investment options, | 4 | | tax-deferred growth, tax-deductions benefits, and withdrawals | 5 | | free of State
and federal taxes when those withdrawals are used | 6 | | for qualified higher education expenses such as tuition,
fees, | 7 | | books, computers, certain room and board costs, and required | 8 | | supplies; and
| 9 | | WHEREAS, The enactment of Section 529 of the Internal | 10 | | Revenue Code by Congress in 1996 allowed
states to create | 11 | | "Qualified Tuition Programs"; and
| 12 | | WHEREAS, The Office of the Illinois State Treasurer serves | 13 | | as the Trustee and Administrator for all
Illinois 529 College | 14 | | Savings Plans; and | 15 | | WHEREAS, The Bright Start and Bright Directions College | 16 | | Savings Plans were created in Illinois in 2000
and 2005 | 17 | | respectively, to assist Illinois families to finance the costs | 18 | | associated with a college education; and | 19 | | WHEREAS, Today, over 400,000 accounts have been created in | 20 | | Illinois and over $7 Billion have been
saved for future higher | 21 | | education expenses; and |
| | | HR1223 | - 2 - | LRB099 21665 MST 48169 r |
|
| 1 | | WHEREAS, The Bright Start and Bright Directions College | 2 | | Savings Plans have helped families meet
their higher education | 3 | | goals with over $400 million withdrawn annually for qualified | 4 | | higher education
expenses at colleges and universities in | 5 | | Illinois and throughout the United States; and | 6 | | WHEREAS, In Illinois, over the past 15 years, tuition rates | 7 | | at four-year universities, and over the past 40
years, tuition | 8 | | rates have consistently increased at two to three times the | 9 | | rate of inflation every year; and | 10 | | WHEREAS, Financial Assistance has shifted away from grants | 11 | | to providing access toward student loans
so that today nearly | 12 | | 60% of all federal financial aid is in the form of loans, | 13 | | substantially increasing
the number of college graduates who | 14 | | will face the burden of repaying significant student loan debt | 15 | | upon
entering the workforce; and | 16 | | WHEREAS, According to the Federal Reserve Bank of New York, | 17 | | student loan debt has now reached
$1.2 trillion nationally, | 18 | | which is more than triple the amount owed in 2005; and | 19 | | WHEREAS, Americans are burdened with student loan debt as | 20 | | there are 40 million borrowers with an
average balance of | 21 | | $29,000; and |
| | | HR1223 | - 3 - | LRB099 21665 MST 48169 r |
|
| 1 | | WHEREAS, The Illinois College Savings Plans help families | 2 | | to limit or prevent future student loan debt
by helping them | 3 | | save for future higher education expenses; and
| 4 | | WHEREAS, The investments families make today pay off in the | 5 | | form of increased earning potential
for their children in the | 6 | | future, with a college graduate earning an average of $1 | 7 | | million more than a high
school graduate during his or her | 8 | | career according to the United States Census Bureau; and
| 9 | | WHEREAS, In Illinois, the dream of achieving academic and | 10 | | professional success is being threatened by
increasing tuition | 11 | | rates and decreasing financial aid; and
| 12 | | WHEREAS, May 29th is recognized nationally as 529 College | 13 | | Savings Day to raise awareness across the
country about the | 14 | | benefits of tax-advantaged college savings plans, known as 529 | 15 | | College Savings Plans,
as important vehicles to save for | 16 | | college; therefore, be it
| 17 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 18 | | NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we | 19 | | designate the date of May 29, 2016 as 529 College Savings Day | 20 | | in the State of
Illinois to help raise awareness about the | 21 | | escalating costs of higher education and the importance of
|
| | | HR1223 | - 4 - | LRB099 21665 MST 48169 r |
|
| 1 | | saving for college with the help of 529 college savings plans.
|
|