Illinois HR 783: 529 COLLEGE SAVINGS DAY

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HR0783LRB104 21419 LAW 36439 r

1HOUSE RESOLUTION

2 WHEREAS, 529 College Savings Plans are important tools for 

3Illinois families who want to save for their children's 

4college education; they offer a diverse range of investment 

5options, tax-deferred growth, and withdrawals free of state 

6and federal taxes when those withdrawals are used for 

7qualified higher education expenses such as tuition, fees, 

8books, certain room and board costs, computer equipment, and 

9required supplies; and

10 WHEREAS, The United States Congress enacted Section 529 of 

11the Internal Revenue Code in 1996, which allowed states to 

12create qualified tuition programs; and

13 WHEREAS, The Office of the State Treasurer serves as the 

14trustee and administrator for Illinois 529 College Savings 

15Plans; and

16 WHEREAS, The Bright Start and Bright Directions College 

17Savings Plans were established in Illinois in 2000 and 2005, 

18respectively, to assist Illinois families with financing the 

19costs associated with a college education; and

20 WHEREAS, This year marks the 30th anniversary of the 

21creation of 529 College Savings Plans in the United States and 

HR0783- 2 -LRB104 21419 LAW 36439 r

1the 26th anniversary of the establishment of the Bright Start 

2College Savings Plan in Illinois; and

3 WHEREAS, Today, more than 950,000 Bright Start and Bright 

4Directions accounts have been created, and over $24 billion 

5has been saved for higher education expenses; and

6 WHEREAS, The Bright Start and Bright Directions College 

7Savings Plans have helped families meet their higher education 

8goals with over $1.8 billion withdrawn annually for qualified 

9higher education expenses at colleges and universities in 

10Illinois