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Welcome to Savingforcollege.com’s Legislative Corner!
Here you will find the latest news and information on state and federal legislative issues related to 529 plans and other college savings topics. At Savingforcollege.com, we believe everyone deserves the right to higher education. Yet tuition costs are continuing to rise faster than inflation, leaving many students with crippling amounts of student loan debt, or worse, no chance for a degree at all. Tax-advantaged investment vehicles like 529 plans can help reduce student borrowing and make the dream of college a reality for more American families.
Since the federal tax benefits of 529 plans became available in 2001, we’ve seen assets grow from $19.4 billion to over $254 billion today, which proves that the incentive is working. We ask that you join us in promoting and defending college savings plans by contacting your representatives on any particular bill or agenda you feel strongly about.
Be sure to check back often and help Savingforcollege.com continue to be your voice and the voice of college savings in Washington.
Impacting 529 and 529A Plans
To promote savings by providing a ($500 or less) tax credit for eligible taxpayers who contribute to savings products (including 529 Plans) and to facilitate taxpayers receiving this credit and open a designated savings product when they file their Federal income tax returns.
To amend the Internal Revenue Code of 1986 to increase the age requirement with respect to eligibility for qualified ABLE programs (from 26 to 46).
To amend the Internal Revenue Code of 1986 to reform the American opportunity tax credit to support college savings.
To amend the Internal Revenue Code of 1986 to allow individuals with disabilities to save additional amounts in their ABLE accounts above the current annual maximum contribution if they work and earn income.
To amend the Internal Revenue Code of 1986 to improve college savings under section 529 programs, and for other purposes. See our full article here: http://www.savingforcollege.com/blog/proposed-bill-would-change-the-game-928
To amend the Internal Revenue Code of 1986 to provide a nonrefundable credit for working family caregivers.
To amend the Internal Revenue Code of 1986 to allow rollovers between 529 programs and ABLE accounts.
To amend the Internal Revenue Code of 1986 to make technical corrections, and for other purposes.
Contact your representative
Feel strongly about an issue? Find out who your local congressional representatives are and let them know your thoughts!
Featured articles on 529 legislation
New legislation might make 529 plans more alluring, but will it actually pass?
Did you miss our 529 Day live Q&A webinar? Here's a recap of all the great college savings topics that were covered.
Last week President Obama signed a presidential memorandum outlining a plan intended to help dissolve the student debt crisis. The Student Aid Bill of Rights focuses on four key issues related to helping students pay for college and helping graduates manage and repay their student loans.
Donating a 529 account to charity might seem like the perfect solution for some who have leftover money in their account. Unfortunately, the tax law as it is currently written prevents this.