Bill Proposal:

The Student Prosperity Savings Plan - Presented by Rep. Jeremy Peterson

The Student Prosperity Savings Plan is designed to target youth who show academic promise or talent in
technical skill but who lack funding resources due to economic disadvantage. The program is designed to rely
on private contributions for its fulfillment but may require a minimal stipend to maintain operations due to
the volatility associated with dependency on donations.

Creates a new "bucket" for dona

donations
tions to be received and administered by the Utah Educational
Education
Savings Plan (UESP) program.
Bucket to be called Student Prosperity Savings Plan Account (SPSP)
The SPSP is designed to provide higher education funds for low
low-income,
income, IGP, or other disadvantaged
disadvantag
youth.
Funds will be held in the UESP account and youth candidates will be identified by community
stakeholders and liaisons including the United Way or Northern Utah, etc.
Individuals or corporations who make Donations to the SPSP will receive the tax credit rate of 5%
which is the same as individual donat
donations made to traditional student savings plan accounts at
UESP.
The tax credit cap that exists for individual traditional accounts will be removed for those
contributing to the SPSP.

Traditional Student
Savings Plan (529 Savings Plan)

Student Prosperity
Savings Plan

INC.
CO.
L.L.C.
L.L.C
Tax Credit
(Capped)

Student
Designated by
Contributor

Tax Credit
(No Cap)

Tax Deduction
(No Cap)

Students
Designated by
Program Partners
(United Way, etc.)