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 requires moneys in the fund, subject to availability, to be deposited in KIDS Accounts, one designated for each California resident child born on or after a date to be determined by the board, as provided. 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. Existing law requires the board, on or before June 30, 2022, and annually thereafter, to report to the Department of Finance and the Legislature, information pertaining to the KIDS program's implementation, as provided. This bill would delay the initial reporting date by one year until June 30, 2023. This bill would declare that it is to take effect immediately as an urgency statute.