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REFERENCE TITLE: AZ529; baby scholars fund; appropriations |
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State of Arizona Senate Fifty-fifth Legislature Second Regular Session 2022
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SB 1589 |
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Introduced by Senator Quezada
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AN ACT
amending Title 15, chapter 14, article 7, Arizona Revised Statutes, by adding section 15-1880; relating to AZ529 Arizona's Education Savings Plan.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 15, chapter 14, article 7, Arizona Revised Statutes, is amended by adding section 15-1880, to read:
15-1880. AZ529, Arizona's education savings plan baby scholars program; fund; appropriations; exemption
A. AZ529, Arizona's education savings plan baby scholars program is established. The treasurer shall administer the program.
B. AZ529, Arizona's education savings plan baby scholars fund is established consisting of legislative appropriations and any other monies. The treasurer shall administer the fund. Monies in the fund are continuously appropriated. The treasurer may accept and spend federal monies and private grants, gifts, contributions and devises to assist in carrying out the purposes of this section. Monies in the fund shall be used for the purposes of administering the program established by this section. The treasurer may retain up to ten percent of the fund monies for the purposes of administering the program established by this section.
C. The treasurer shall deposit $25 in the account of a designated beneficiary from the fund established by subsection B of this section if all of the following requirements are satisfied:
1. An account owner establishes an account on behalf of a designated beneficiary within one year after the birth or date of legal adoption of the designated beneficiary.
2. The designated beneficiary is born or legally adopted on or after January 1, 2023.
3. The designated beneficiary is a resident of this state at the time the treasurer deposits the $25 in the account of the designated beneficiary as prescribed in this subsection.
4. The account owner satisfies the program income eligibility requirements established by the treasurer pursuant to this paragraph. The treasurer shall establish income eligibility requirements for participation in the program established by this section using the federal free and reduced-price lunch program income eligibility requirements.
D. The treasurer may enter into contractual agreements to fulfill the purposes of this section if the contractual agreement requires all parties to comply with this section.
E. The treasurer shall conduct outreach and marketing efforts to increase awareness of and participation in the program established by this section.
F. Notwithstanding any other law, monies provided under subsection C of this section do not disqualify a person from any public benefit.
G. The sum of $1,250,000 is appropriated from the state general fund in fiscal year 2022-2023 and each fiscal year thereafter to the AZ529, Arizona's education savings plan baby scholars fund established by this section. The appropriations made in this subsection are exempt from the provisions of section 35-190 relating to lapsing of appropriations.