Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
House passes college-savings incentive aimed at middle‑income families after amendment fight
Summary
The Utah House passed First Substitute HB 190, a state-administered college savings incentive intended to help middle-income families save for postsecondary education. Lawmakers debated whether the trust should be privately administered and adopted a series of amendments before a 46–26 vote.
The Utah House passed First Substitute HB 190 on Feb. 15, 1995, sending the college-savings incentive to the Senate after a contentious floor debate over how the trust would be administered.
Representative Douglas S. Peterson, sponsor of the measure, said the bill creates a participation agreement parents or others could open for a child born to age 15, allowing regular or lump-sum contributions that would be tax exempt if used for postsecondary education. Peterson told colleagues the program is intended to help middle‑income families save for college without increasing state grants or loans and that funds would be invested conservatively under the State Money Management Act (presentation and examples: SEG 442–523).
An amendment from Representat…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
