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9 LONG TITLE
10 General Description:
11 This concurrent resolution of the Legislature and the Governor expresses support for
12 the Utah Educational Savings Plan, which is celebrating its 20th anniversary in 2016.
13 Highlighted Provisions:
14 This resolution:
15 ▸ recognizes the importance of saving for college and the role the Utah Educational
16 Savings Plan has played in helping people in Utah and around the country save for
17 their children, grandchildren, other family members, and friends to go to college;
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19 ▸ urges support for college savings and the Utah Educational Savings Plan.
20 Special Clauses:
21 None
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23 Be it resolved by the Legislature of the state of Utah, the Governor concurring therein:
24 WHEREAS, a highly educated and well-trained workforce provided through
25 post-secondary education is key to the economic vitality of the state of Utah and the success of
26 individuals within the state;
27 WHEREAS, according to the Utah Economic Council, a college graduate with a
28 bachelor's degree earns, on average, nearly $17,000 more per year than a high school graduate
29 without a college degree;
30 WHEREAS, the cost of college tuition and other post-secondary education is increasing
31 at a higher rate than that of inflation, and students and their parents are expected to shoulder an
32 increasing share of the cost of public higher education;
33 WHEREAS, the Legislature and the Governor established the Utah Educational
34 Savings Plan in 1996 as a federally recognized "529" plan to encourage saving for college and
35 other post-secondary education;
36 WHEREAS, the Utah Educational Savings Plan is a nonprofit, self-supporting agency
37 established by the state of Utah to administer a public trust;
38 WHEREAS, the Utah Educational Savings Plan is the only "529" plan sponsored by the
39 state of Utah;
40 WHEREAS, earnings on contributions to an account with the Utah Educational Savings
41 Plan are exempt from Utah and federal income taxes if used for qualified higher education
42 expenses;
43 WHEREAS, Utah taxpayers who own accounts may also claim Utah state income tax
44 credits or deductions for eligible contributions made to their accounts;
45 WHEREAS, the Utah Educational Savings Plan now has more than 300,000 accounts,
46 with a total balance in excess of $8 billion;
47 WHEREAS, the Utah Educational Savings Plan is consistently rated as one of the top
48 college savings plans in the nation, and has attracted investments from people throughout the
49 nation; and
50 WHEREAS, regular and early savings for college by parents, grandparents, other family
51 members, and friends will provide tomorrow's students with access to the education they will
52 need without undue reliance on government loans or financial aid:
53 NOW, THEREFORE, BE IT RESOLVED that the Legislature of the state of Utah, the
54 Governor concurring therein, recognizes and congratulates the Utah Educational Savings Plan
55 on its 20th anniversary and its role in helping families in Utah and throughout the nation save
56 for their children, grandchildren, and other family members to attend college.
57 BE IT FURTHER RESOLVED that the Legislature and the Governor encourage all
58 citizens to plan early to provide the necessary savings to ensure educational opportunities for
59 all Utah children, including taking advantage of the benefits for college savings offered by the
60 Utah Educational Savings Plan.