Officials in Colorado have voted to give every newborn $100 for college

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first_imgLawmakers in Colorado have voted to give $100 to every newborn in the state as a start to their college fund.The bill titled HB 1280 received its final approval earlier this week and will go into effect beginning in 2020.Under the bill, parents who set up a college savings account for their child will receive a $100 tax-free contribution to the account through the state.The bill’s sponsor Rep. Leslie Herod (D-Denver) says she issued the bill because she wanted to “kick-start their dreams:”“What we found is that when a young person has $100 and $500 in their savings account, they are much more likely to go to college.”While many were worried that the money would could from taxpayers, officials reported that the money will be provided by a private company called College Invest.The nonprofit company currently runs Colorado’s 529 savings accounts and is committed to raising the estimated $3 million annually, privately and through grants.Republicans, however, seemed concerned about the possibility of not raising enough funds and the possible invasion of privacy by sending all birth certificates to the Department of Education.“In this age of privacy, I don’t know if we want all the birth certificates going to the Department of Education,” Sen. Owen Hill (R-Colorado Springs) Hill said.Despite concerns, the bill is now on its way to Gov. Polis’ desk, where he is expected to sign the legislation.last_img

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