Declare 529 College Savings Day

May 29, 2018, as 529 College Savings Day in the State of New York WHEREAS, It is the custom of this Legislative Body to recognize official days that are set aside to increase awareness on the importance of an educational investment plan to the citizens of New York State; and WHEREAS, Attendant to such concern, and in full accord with its long-standing traditions, this Legislative Body is justly proud to memorialize Governor Andrew M. Cuomo to proclaim Tuesday, May 29, 2018, as 529 College Savings Day in the State of New York, in conjunction with the observance of National 529 College Savings Plan Day; and WHEREAS, With nearly 70% of Americans unsure of what a 529 plan is, Tuesday, May 29, 2018, has been designated as National 529 Savings Day and serves to raise awareness on the benefits of a 529 investment plan; and WHEREAS, A 529 College Savings program is a college tuition plan for children which is tax-free both on savings and investments, as long as it is used for qualified expenses and does not have income limitations on contributors; and WHEREAS, With all 50 states and the District of Columbia offering at least one 529 plan, many states offer a tax deduction to those who use their state's plan; and WHEREAS, Many states are promoting May 29 (5/29) as a day with special meaning, and are looking to boost interest and participation in their 529 savings programs with various sweepstakes, contests and incentives; and WHEREAS, It is imperative that there be greater awareness of 529 College Savings Plans, and more must be done to increase activity at the local, State and National levels; now, therefore, be it RESOLVED, That this Legislative Body pause in its deliberations to memorialize Governor Andrew M. Cuomo to proclaim May 29, 2018, as 529 College Savings Day in the State of New York; and be it further RESOLVED, That a copy of this Resolution, suitably engrossed, be transmitted to The Honorable Andrew M. Cuomo, Governor of the State of New York.