Governor Markell, Keith Tanis, Kristen Tanis, their baby Braden,
Representative Schooley and Terry Murphy of Bayhealth
Dover, DE - Governor Jack Markell unveiled today a new tool to make it easier for Delawareans to save for the day when their children head off to college.
"With two teenagers at home, I know just how fast time flies when they are growing up," said Markell. "It is never too early to start planning for your child's future. We want to make it as efficient as possible for families to understand the process and begin saving."
The proposal, sponsored by Representative Terry Schooley and Senator Dave Sokola, will allow taxpayers to direct their tax refunds to their college investment savings plan and will be pre-filed as House Bill 335 on March 11th. After legislative approval and signature by the Governor, it will be effective for tax returns filed on or after January 1, 2011.
"In this economic environment, it's not easy for young families to find ways to save for something that seems so far in the future," said Schooley. "Tax refunds are often not budgeted as part of regular household expenses. Allowing direct deposit will enable families to plan ahead and save these funds for their children's education, which is so critical to their success."
The announcement was held in the maternity ward of Bayhealth in Dover because they are partnering with the Delaware College Investment Plan Board (DCIP) to distribute information about college savings to new parents, who can set up a savings plan at the hospital. DCIP hopes to expand this program to hospitals across the state.
"This direct deposit proposal and Bayhealth's education for new parents are great examples of creative, cost-effective and common-sense ways to help Delawareans," said Sokola.
"This is not just a chance for a family to invest in their children's future," added Markell. "It's an opportunity to invest in our state's future. A well-educated workforce brings better jobs and a healthier economy."
Delaware Department of Education
401 Federal Street, Suite #2
Dover, Delaware 19901
Phone: (302) 735-4035
Fax: (302) 739-4654
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