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California Bill Would Offer Parents College Saving Account Tax Credit

Wikimedia / Tiffin Univ.
 

Wikimedia / Tiffin Univ.

The credits would be available to individuals earning less than $100 thousand per year and couples earning less than $200 thousand.

Assembly member Susan Bonilla authored the bill. She says students from all backgrounds should be able to afford a college education.

“This is a bill that, particularly for younger families, says we’re aware of the importance of college," says Bonilla. "But we’re also aware of the burden it’s going to cause and as a state we want to get behind you as you save.” 

Bonilla says saving makes a difference because children with a college savings account attend college at a rate seven times higher than those without.

Bonilla says total student loan debt in California amounts to nearly $100 billion. Backers of the bill say that’s money that could be better spent boosting the state’s economy.

The bill will be heard in a policy committee in the coming weeks.

 

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