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CONCURRENT RESOLUTION RECOGNIZING THE 20TH

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ANNIVERSARY OF THE UTAH EDUCATIONAL SAVINGS

3     
PLAN

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2016 GENERAL SESSION

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STATE OF UTAH

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Chief Sponsor: Evan J. Vickers

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House Sponsor: Jon E. Stanard

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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;
18     and
19          ▸     urges support for college savings and the Utah Educational Savings Plan.
20     Special Clauses:
21          None
22     

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 $8.5 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.






Legislative Review Note
Office of Legislative Research and General Counsel