Senator Gaines introduces college savings bill
SACRAMENTO — Senator Ted Gaines (R-El Dorado) announced on Wednesday Senate Bill 1218, legislation that will help families save money for college by making contributions to 529 plans tax deductible in California.
“The cost to send kids to college has skyrocketed over the past several decades,” Gaines said. “Students who work, receive scholarships and/or financial aid, and get help from their parents still manage to graduate with tens of thousands of dollars racked up in student loans. My hope is that by allowing the ability to deduct 529 contributions, it will increase savings and decrease the amount needed in student loans.”
A 529 savings plan is an investment account meant for college tuition and other higher-education costs. The plans are usually sponsored by states and offer various benefits. The bill would make contributions to 529 plans of up to $20,000 per year tax deductible in California.
Source: Sen. Ted Gaines’ office
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