CA AB34

Establishes the Children's Savings Account Program administered by the Scholarshare Investment Board to expand higher education access through savings accounts.

Creates automatic 529 plan accounts for all California-born children on or after January 1, 2018, with parents/guardians able to opt out of the program.

Requires the board to make seed deposits into accounts upon legislative appropriation and provide annual one-to-one dollar matching of contributions up to $100 per account, with additional incentives for low-income households.

Limits account distributions to qualified higher education expenses and requires forfeiture of state/local/federal contributions and earnings to the program fund if unused.

Establishes the Children's Savings Account Program Fund in the State Treasury with continuous appropriation to the board, and requires the Director of Finance to determine annually whether sufficient funds exist for program implementation.