HARRISBURG—Rep. Duane Milne (R-Chester) today announced that he would introduce legislation to expand a newly-created pilot program created to encourage tax-advantaged savings for post-secondary education. Milne’s legislation proposes to make the program state-wide in the future.
Milne joined state Treasurer Joe Torsella at a press conference in the Capitol to unveil the pilot program to open a 529 College Investment higher education savings account for every child born in one of six Pennsylvania counties and deposit $100 in it. The program is designed to encourage savings literally from the birth of a child that will grow over time and eventually support that child’s post-secondary education path. The program has been started with philanthropic dollars and does not rely on general budget tax dollars.
“This is smart policy to expand and support post-high school education in the Commonwealth, and to do so in a smart fiscal manner,” Milne said. “This program will incent and encourage families to get that much more vested in saving for their children’s education future, and be part of the solution of limiting future student debt.”
The PA 529 Investment Plan helps families save for college in a way that meets their needs and budget. The name "529" refers to Section 529 of the IRS tax code, which gives these plans certain tax breaks to encourage savings.
This pilot program, called Keystone Scholars, would create a savings accounts for every baby born or adopted in 2018 and 2019 in Delaware, Elk, Indiana, Luzerne, Mifflin and Westmoreland counties. The funding has been raised through philanthropic organizations.
“My legislation would make it possible so all future students could benefit,” Milne observed.
Watch the press conference here
Representative Duane Milne
Pennsylvania House of Representatives
Media Contact: David Foster