Every Colorado newborn baby could soon get $100 for college from the state
"DENVER, Co. (CBS12 News) — KDVR reports that every newborn baby born in Colorado, starting in 2020, could be entitled to $100 from the state."
"That's because state lawmakers just gave final approval to HB 1280, which allows parents of newborns beginning in 2020 to set up a college savings account with a $100 contribution from Colorado. This will be tax-free contribution."
"A sponsor of the bill in the house, Rep. Leslie Herod (D-Denver) said, "We are kick-starting their dreams." She went on to say, "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."
"With about 66,000 babies born in Colorado each year, it begs the question: Where will the money come from? It will not come from taxpayers or the General Fund."
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