23-38.72 - Purpose; program established; Council's authority; program to be advertised; estimate of family savings; report. - Virginia Statutes

§ 23-38.72. Purpose; program established; Council's authority; program to beadvertised; estimate of family savings; report.

In order to encourage families to save for their children's higher educationexpenses and to provide a convenient method for such savings, there is herebyestablished the Virginia College Savings Program.

The State Council of Higher Education and the Department of the Treasuryshall adopt such regulations and procedures as may be necessary to implementthis program. The Council shall develop strategies to inform the public ofthe availability and desirability of the program. In developing thisinformation, the Council shall seek the assistance of the Treasury and suchother agencies as may be designated by the Governor. This information shallbe designed to inform parents of the need to accumulate financial resourcesand the available options for financing higher education.

The Council of Higher Education shall prepare, and the Department of Taxationshall distribute to each person receiving state income tax information, afinancial analysis of future higher education expenses. Such analysis shallinform persons of the amount of expected savings, based on national data,needed to pay for higher education.

The Council shall annually report to the Governor and the General Assembly onthis program prior to December 1. The first report shall be issued in 1988.

(1988, c. 247; 1989, c. 60; 1998, cc. 39, 784.)