On Tax Day, Governor Newsom encourages families to claim free college savings, invest in their children’s future

What you need to know: Families can boost their children's financial futures and claim free funds through savings programs like CalKIDS and Trump Accounts.

SACRAMENTO - As Californians take stock of their finances this Tax Day, Governor Gavin Newsom encourages families to avoid leaving money on the table and sign up for CalKIDS - the largest state-led college savings program in America. Through CalKIDS, every child born in California on or after July 1, 2023 receives an automatic $100 deposit into their CalKIDS account. An additional $25 is deposited for families who register their children to claim this cash on CalKIDS's online portal. Children born between July 2022 and June 2023 are also eligible.

Low-income students enrolled in California's public schools are also eligible for a $500 automatic deposit into a CalKIDS account.

Every child deserves a strong start. On Tax Day, we're reminding Californians that help is already available - and it only takes a few minutes to claim it.

Governor Gavin Newsom

California is committed to giving every child the best start in life. CalKIDS helps families build a future from day one so we can invest in our children's full potential. There is no better time to start saving for the future than today!

First Partner Jennifer Siebel Newsom

Other resources available

California also encourages families to take advantage of federal resources such as Trump Accounts, which puts $1,000 toward children's future investments - such as college, a first home, or starting a business one day.

About CalKIDS

The California Kids Investment and Development Savings Program (CalKIDS) was launched in 2022 by Governor Newsom with a clear mission: to help jumpstart college savings for children statewide by awarding scholarship accounts to youth across the state.

Administered by the State Treasurer's Office, CalKIDS takes the initiative by automatically offering children born in California and eligible public school students in California a CalKIDS Scholarship Account, along with other potential financial incentives.

Since CalKIDS launched in 2022, over 5.6 million CalKIDS accounts have been established and funded with over $2.3 billion to date. Over 880,000 accounts have been claimed. To date, the program has supported 151,000 California students attending school with $82.2 million distributed.

CalKIDS invests up to $1,500 for school-age children:

• $500 Automatic Deposit: Eligible low-income public school students in grades 1-12.

• $500 Additional Deposit: Eligible foster youth.

• $500 Additional Deposit: Eligible homeless youth.

Up to $100 for newborn children:

• $100 Automatic Deposit: Every eligible child born on or after July 1, 2023.

• $25 Additional Deposit: Those who claim their CalKIDS Scholarship Account - use the program's online portal.

• $50 Additional Deposit: Those who link a new or existing ScholarShare 529 account to the CalKIDS account.