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AB-756 California Kids Investment and Development Savings Program.(2021-2022)

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Date Published: 03/26/2021 04:00 AM
AB756:v98#DOCUMENT

Revised  April 09, 2021
Amended  IN  Assembly  March 25, 2021

CALIFORNIA LEGISLATURE— 2021–2022 REGULAR SESSION

Assembly Bill
No. 756


Introduced by Assembly Member Nazarian
(Coauthor: Assembly Member McCarty)

February 16, 2021


An act to amend Section 49511 of add Section 69996.52 to the Education Code, relating to pupil nutrition. postsecondary education, and making an appropriation therefor.


LEGISLATIVE COUNSEL'S DIGEST


AB 756, as amended, Nazarian. Pupil nutrition: nutritious meals. California Kids Investment and Development Savings Program.
Existing law establishes the California Kids Investment and Development Savings Program, which is administered by the Scholarshare Investment Board, for the purpose of expanding access to higher education through savings. Existing law establishes the California Kids Investment and Development Savings Program Fund, the moneys in which are continuously appropriated to the board for the program. Existing law requires implementation of the program before January 1, 2021, subject to the availability of funding.
This bill would require a financial institution that does business in California to pay a fee in the amount of 1% of the amount of each educational loan made to a private person for purposes of financing study in California. The bill would specify that the fee does not apply to subsidized loans made through educational institutions. The bill would require that the fees be remitted to the State Treasury for deposit into the California Kids Investment and Development Savings Program Fund. By providing for additional moneys to be deposited into a continuously appropriated fund, this bill would make an appropriation.
This bill would include a change in state statute that would result in a taxpayer paying a higher tax within the meaning of Section 3 of Article XIII A of the California Constitution, and thus would require for passage the approval of 2/3 of the membership of each house of the Legislature.

The Duffy-Moscone Family Nutrition Education and Services Act of 1970 requires the State Department of Education, in cooperation with another state department, to establish a statewide program to provide nutritious meals at school for pupils and to allocate funds to school districts for the program in a manner that gives priority to providing free meals to the neediest pupils, as specified. The act expresses the Legislature’s intent that the statewide program be funded according to customary budgetary procedures.

This bill would make nonsubstantive changes to that legislative intent provision.

Vote: MAJORITY2/3   Appropriation: NOYES   Fiscal Committee: NOYES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 69996.52 is added to the Education Code, to read:

69996.52.
 (a) A financial institution that does business in California shall pay a fee in the amount of 1 percent of the amount of each educational loan made to a private person for purposes of financing study in California. The fee shall not apply to subsidized loans made through educational institutions.
(b) The fees paid by financial institutions pursuant to subdivision (a) shall be remitted to the State Treasury for deposit into the California Kids Investment and Development Savings Program Fund for support of the program.

SECTION 1.Section 49511 of the Education Code is amended to read:
49511.

It is the intent of this article to establish an ongoing program to assure that the nutritional requirements of pupils in receipt of public assistance are enhanced by a pervasive program of food supplementation while they are attending school.

It is the intent of the Legislature that the program established by this article shall, in fiscal years subsequent to the year that this article is enacted, be funded according to customary budgetary procedures.

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REVISIONS:
Heading—Line 2.
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