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Senator Borgeas College Investment Bill Moves Forward

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Sacramento, CA– The California State Senate has passed Senate Bill 1374, which establishes a state income tax deduction for contributions to the college tuition saving program, which is known as the California ScholarShare. Senator Andreas Borgeas explained.

“I am proud this important piece of legislation was passed by my colleagues in both houses, As the cost of higher education continues to skyrocket, allowing eligible taxpayers this tax deduction will increase affordability and access to higher education. I appreciate the State Treasures’ help in this journey and I strongly urge the Governor to sign this bi-partisan piece of legislation.”

The State Treasurer Fiona Ma also added.

“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. 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 bi-partisan support and is now headed to the desk of the Governor for final consideration.

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