Schwartz attacks Nevada legislators

The Interim Finance Committee—a legislative panel that allocates state funds when the full Nevada Legislature is out of session—has blocked a plan by Nevada Treasurer Dan Schwartz to expand a college savings program. Schwartz responded by issuing a prepared statement attacking the committee:

“Nevada children were the ones who really lost in yesterday’s IFC hearing. I brought forward a plan to provide Nevada families with $1,000 worth of incentives to save for college without using taxpayer dollars. Yet, the IFC voted to pay over a half million dollars in credit card fees using taxpayer dollars. … Nevada families deserve better than they received yesterday.”

The “College Kick Start” program is a tax-advantaged savings plan authorized by Section 529 of the Internal Revenue Code. Schwartz wanted to expand a pilot program beyond the level envisioned by the legislature and offer greater incentives.

Legislators were reluctant to act on such a sizable expansion without authority from the full legislature and also felt they did not have enough information on the implications of expanding the pilot program. Schwartz was unable to explain to the committee’s satisfaction why it is urgent to act now instead of at the next legislature, which goes into session in eight months.