What's happening
This resolution urges Governor Cuomo to declare May 29, 2020, as 529 College Savings Day in New York to promote college savings awareness.
Why it matters
Raises public awareness about 529 College Savings Plans. , which are often misunderstood or unknown to many families, potentially empowering more people to take advantage of tax-free education savings options.
Encourages broader participation in state-sponsored savings plans. by aligning New York's observance with national efforts, possibly increasing both usage and financial preparedness for future college expenses.
Highlights the tax and financial benefits of 529 plans. , such as no income limitations for contributors and possible state tax deductions, making higher education savings more accessible across income levels.
Promotes local and statewide engagement. , as New York could join other states in offering incentives, contests, or educational campaigns on May 29, helping families start or build college savings.
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Headline styles
Declare 529 College Savings Day
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Adopted
- Reported to calendar for consideration
- Referred to finance
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
Senate Resolution No. 2616 BY: Senator PARKER MEMORIALIZING Governor Andrew M. Cuomo to proclaim
May 29, 2020, 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… Show allHide
May 29, 2020, 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 Friday, May 29, 2020, 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, Friday, May 29, 2020, 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, 2020, 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.
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Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.