Full Text of HR0784 101st General Assembly
HR0784 101ST GENERAL ASSEMBLY |
| | HR0784 | | LRB101 17170 MST 66571 r |
|
| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, 529 college savings plans are important tools for | 3 | | Illinois families who want to save for their children's college | 4 | | education; they offer a diverse range of investment options, | 5 | | tax-deferred growth, tax-deduction benefits, and withdrawals | 6 | | free of state and federal taxes when those withdrawals are used | 7 | | for qualified higher education expenses such as tuition, fees, | 8 | | books, certain room and board costs, computer equipment, and | 9 | | required supplies; and
| 10 | | WHEREAS, The enactment of Section 529 of the Internal | 11 | | Revenue Code by Congress in 1996 allowed states to create | 12 | | "Qualified Tuition Programs"; and
| 13 | | WHEREAS, The Office of the Illinois State Treasurer serves | 14 | | as the Trustee and Administrator for Illinois 529 College | 15 | | Savings Plans; and
| 16 | | WHEREAS, The Bright Start and Bright Directions College | 17 | | Savings Plans were established in Illinois in 2000 and 2005 | 18 | | respectively, to assist Illinois families with financing the | 19 | | costs associated with a college education; and | 20 | | WHEREAS, Today, more than 650,000 Bright Start and Bright | 21 | | Directions accounts have been created, and over $12 billion has |
| | | HR0784 | - 2 - | LRB101 17170 MST 66571 r |
|
| 1 | | been saved for higher education expenses; and | 2 | | WHEREAS, The Bright Start and Bright Directions College | 3 | | Savings Plans have helped families meet their higher education | 4 | | goals with over $954 million withdrawn annually for qualified | 5 | | higher education expenses at colleges and universities in | 6 | | Illinois and throughout the United States; and | 7 | | WHEREAS, In 2019, Morningstar announced that the Bright | 8 | | Start 529 College Savings Plan earned a gold rating for the | 9 | | third year in a row, and the Bright Directions Advisor-Sold 529 | 10 | | College Savings Plan earned its fifth consecutive silver medal, | 11 | | the highest honor bestowed on advisor-sold plans; and | 12 | | WHEREAS, According to the Federal Reserve Bank of New York, | 13 | | student loan debt has now reached $1.6 trillion nationally, | 14 | | which is more than triple the amount owed in 2005; and | 15 | | WHEREAS, In Illinois alone, student loan debt has increased | 16 | | by 111% from 2008 to 2018, and there are 1.6 million student | 17 | | borrowers with $60.9 billion in outstanding student loan debt; | 18 | | and | 19 | | WHEREAS, In Illinois, the dream of achieving academic and | 20 | | professional success is being threatened by increasing tuition | 21 | | rates and decreasing financial aid; and |
| | | HR0784 | - 3 - | LRB101 17170 MST 66571 r |
|
| 1 | | WHEREAS, Illinois' College Savings Plans help families to | 2 | | limit or prevent future student loan debt by helping them save | 3 | | 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, May 29th is recognized nationally as 529 College | 10 | | Savings Day to raise awareness across the country about the | 11 | | benefits of tax-advantaged college savings plans, known as 529 | 12 | | College Savings Plans, as important vehicles to save for | 13 | | college; therefore, be it
| 14 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | 15 | | HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 16 | | we declare May 29, 2020 as College Savings Day in the State of | 17 | | Illinois to help raise awareness about the escalating costs of | 18 | | higher education, the importance of saving for college with the | 19 | | help of 529 college savings plans, and to recognize and | 20 | | commemorate the 20th Anniversary of the Bright Start College | 21 | | Savings Plan; and be it further
|
| | | HR0784 | - 4 - | LRB101 17170 MST 66571 r |
|
| 1 | | RESOLVED, That a suitable copy of this resolution be | 2 | | presented to the State Treasurer's Office.
|
|