Borgeas’ College Investment Bill Heads to Governor’s DesK

Today the California State Senate passed Senate Bill 1374, that establishes a state income tax deduction for contributions to a college tuition saving program, known as California ScholarShare.
In February, Senator Andreas Borgeas (R-Fresno) introduced Senate Bill 1374, to provide qualified taxpayers a tax deduction for their contributions to a 529 California ScholarShare account and is supported by California State Treasurer, Fiona Ma.
“I am proud this important piece of legislation was passed by my colleagues in both houses,” said Senator Borgeas. “As the cost of higher education continues to skyrocket, allowing eligible taxpayers this tax deduction will increase affordability and access to higher education.” Borgeas continued, “I appreciate the State Treasures’ help in this journey and I strongly urge the Governor to sign this bi- partisan piece of legislation.”
State Treasurer Fiona Ma stated, “In California we pride ourselves on leading the nation with innovative and forward-thinking policies. As California borrowers represent the highest contributors to the $1.7 trillion national student loan debt, now is the time to promote college savings by offering these important tax benefits to our citizens,” said State Treasurer Fiona Ma. “As the Chair of the ScholarShare Investment Board, it has been a top priority of mine to bolster all the tools available to help families save to prioritize our children as the future leaders for our state and nation. I am extremely proud to work with Senator Borgeas on SB 1374, which allows the state to invest in California students by creating greater avenues for college affordability”.
Senate Bill 1374 has received unanimous bi-partisan support and is now headed to the Governor’s Desk for final consideration.