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Committee hears bill to replace low‑income 529 match with $100 ABLE and 529 seed grants
Summary
Senate Bill 281, which would replace Kansas's low‑income 529 matching program with a new incentive providing up to $100 for new 529 or ABLE accounts, was discussed at a Committee on Government Efficiency hearing where supporters and one opponent offered testimony.
Senate Bill 281, which would establish a Kansas Postsecondary Education Savings Account and a Kansas ABLE Savings Account Grant Incentive Program and eliminate the existing Low Income Family Postsecondary Savings Accounts incentive program (the "kids matching grant"), was the subject of a hearing before the Committee on Government Efficiency.
Tamara Lawrence, reviser for the committee, opened with an overview, saying the bill would create a grant offering up to $100 to participants who have a Kansas‑sponsored 529 account or an ABLE savings account and who complete financial education training. Lawrence said the program would be administered by the state treasurer and that the total annual amount for grants could not exceed $200,000. "Section 1 of the bill does establish a trust fund for the purposes of administering these grants under the program," she said, and added the bill would take effect upon publication in the Kansas Register.
The state treasurer's office provided proponent testimony. Tom Treacy, deputy assistant state treasurer to Treasurer Steven Johnson, summarized the existing kids matching grant program and…
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