California Kids Investment and Development Savings Program.

Existing law establishes the California Kids Investment and Development Savings (KIDS) Program, under the administration of the Scholarshare Investment Board, for the purposes of expanding access to higher education through savings. Existing law establishes the California Kids Investment and Development Savings Program Fund in the State Treasury to serve as the initial repository of all moneys received from state and private sources for the KIDS Program, and continuously appropriates moneys in the fund to the board for the KIDS Program. Existing law, upon appropriation by the Legislature, requires the board to establish one or more Scholarshare 529 accounts and make a seed deposit of moneys from the fund into a Scholarshare 529 account established under the KIDS Program in an amount of at least $25, as determined by the board. Specifically, those moneys are deposited in KIDS Accounts, one designated for each California resident child born on or after July 1, 2022. Existing law requires the board to provide awards from these KIDS Accounts, as specified, for each recipient child's qualified higher education expenses at an eligible institution of higher education. This bill, commencing with the 2024–25 fiscal year, and upon appropriation by the Legislature, would increase the amount of seed deposits in KIDS Accounts to at least $100.