With President Barack Obama dropping his proposal to raise taxes on 529 college-savings accounts, attention now shifts to legislation aiming to enhance the plans.
President Obama, facing angry reprisals from parents and from lawmakers of both parties, will drop his proposal to effectively end popular college savings accounts known as 529s, but will keep an expanded tuition tax credit at the center of his college access plan, the White House said Tuesday.
President Barack Obama's push to start taxing college-savings accounts, including the popular "529" accounts, would affect millions of Americans who are stashing money for their children's education, ...
CSPN thanks the House of Representatives for voting to implement these common sense improvements to 529 plans and look forward to now working with the Senate to ensure this measure passes both chambers of Congress.
Congresswoman Lynn Jenkins (R-KS) and Congressman Ron Kind (D-WI) introduced H.R.529, legislation in the U.S. House of Representatives that would make 529 plans more flexible and remove some of the obstacles participants face while saving for college.