529 COLLEGE SAVINGS DAY

Illinois General Assembly - Full Text of HR0783

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HR0783 - 104th General Assembly

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HR0783
LRB104 21419 LAW 36439 r
1
HOUSE RESOLUTION

2

WHEREAS, 529 College Savings Plans are important tools for
3
Illinois families who want to save for their children's
4
college education; they offer a diverse range of investment
5
options, tax-deferred growth, and withdrawals free of state
6
and federal taxes when those withdrawals are used for
7
qualified higher education expenses such as tuition, fees,
8
books, certain room and board costs, computer equipment, and
9
required supplies; and

10

WHEREAS, The United States Congress enacted Section 529 of
11
the Internal Revenue Code in 1996, which allowed states to
12
create qualified tuition programs; and

13

WHEREAS, The Office of the State Treasurer serves as the
14
trustee and administrator for Illinois 529 College Savings
15
Plans; and

16

WHEREAS, The Bright Start and Bright Directions College
17
Savings Plans were established in Illinois in 2000 and 2005,
18
respectively, to assist Illinois families with financing the
19
costs associated with a college education; and

20

WHEREAS, This year marks the 30th anniversary of the
21
creation of 529 College Savings Plans in the United States and

HR0783
- 2 -
LRB104 21419 LAW 36439 r
1
the 26th anniversary of the establishment of the Bright Start
2
College Savings Plan in Illinois; and

3

WHEREAS, Today, more than 950,000 Bright Start and Bright
4
Directions accounts have been created, and over $24 billion
5
has been saved for higher education expenses; and

6

WHEREAS, The Bright Start and Bright Directions College
7
Savings Plans have helped families meet their higher education
8
goals with over $1.8 billion withdrawn annually for qualified
9
higher education expenses at colleges and universities in
10
Illinois and throughout the United States; and

11

WHEREAS, In 2025, Morningstar announced that the Bright
12
Start 529 College Savings Plan earned a gold rating for the
13
seventh time and the Bright Directions Advisor-Sold 529
14
College Savings Plan earned a bronze medal for the third time;
15
and

16

WHEREAS, Through the Illinois First Steps program, all
17
babies born or adopted after January 1, 2023 to a parent who is
18
a resident of Illinois at the time of birth or adoption and
19
time of claim, can receive a free $50 seed deposit when they
20
open a Bright Start or Bright Directions account; and

21

WHEREAS, More than 24,000 college savings accounts have

HR0783
- 3 -
LRB104 21419 LAW 36439 r
1
been started for young children with a one-time $50 seed
2
deposit through the First Steps program; and

3

WHEREAS, According to the Federal Reserve Bank of New
4
York, student loan debt has now reached $1.65 trillion
5
nationally, which is more than triple the amount owed in 2005,
6
and in Illinois alone, more than 1.6 million residents carry
7
student load debt, with the average value being $39,310; and

8

WHEREAS, In Illinois, the dream of achieving academic and
9
professional success is being threatened by increasing tuition
10
rates and decreasing financial aid, and student load debt has
11
been found to delay home purchases, business start-ups, and
12
other major economic investments; and

13

WHEREAS, Illinois 529 College Savings Plans help families
14
limit or prevent future student loan debt by helping them save
15
for future higher education expenses; and

16

WHEREAS, The investments that families make today pay off
17
in the form of an increased earning potential for their
18
children in the future, with a college graduate earning an
19
average of $1 million more than a high school graduate during
20
his or her career, according to the United States Census
21
Bureau; and

HR0783
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LRB104 21419 LAW 36439 r
1

WHEREAS, May 29th is recognized nationally as 529 College
2
Savings Day to help raise awareness across the country about
3
the benefits of tax-advantaged college savings plans, known as
4
529 College Savings Plans, as important vehicles to save for
5
college; therefore, be it

6

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE
7
HUNDRED FOURTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
8
we declare May 29, 2026 as 529 College Savings Day in the State
9
of Illinois to help raise awareness about the escalating costs
10
of higher education and the importance of saving for college
11
with the help of Illinois 529 College Savings Plans; and be it
12
further

13

RESOLVED, That a suitable copy of this resolution be
14
presented to the Office of the State Treasurer.

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