WASHINGTON. D.C. – Congressman Frank Guinta released the following statement following the bipartisan passage of H.R. 529 – a bill to expand, modernize, and strengthen 529 plans to increase educational opportunities for our nation’s children and youth.
“As the first in my family to graduate from college, I know firsthand the importance of investing in one’s education. Despite one’s background or financial situation, every single child – from the aspiring scientist on the Seacoast to the future public servant in the North Country – should have access to the boundless opportunities a great education provides. Our economy depends on an educated and motivated workforce; and, a good education presents an individual with economic opportunity and mobility. The overwhelming bipartisan passage of H.R. 529 is a common-sense approach towards ensuring that the dream of higher education is always within reach.”
H.R. 529 permanently expands the use of 529 educational savings plans by allowing tax-free distributions for students to buy computers and software. It also modifies the tax treatment of multiple accounts for a single beneficiary and it exempts from taxation any amounts that are refunded from colleges as long as the beneficiary recontributes the funds back into a 529 account within a specified time.
H.R. 529 passed the House of Representative by a vote of 401-20.
To read the text of H.R. 529, please click here.