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529 tax permanency bill is introduced in Congress

(May 17, 2005) - The College 529 InvEST (Education Savings for Tomorrow) Act of 2005 has been introduced into the U.S. House of Representatives by Ways and Means Committee members Nancy Johnson (R-CT), Melissa Hart (R-PA), and Earl Pomeroy (D-ND). The bill would remove the 2010 "sunset" of the 529 tax exclusion, thus making permanent federal tax-free treatment for qualified 529 withdrawals.

It is anticipated that similar bi-partisan legislation will be introduced into the Senate next week by Senators Charles Grassley (PA) and Max Baucus (MT).

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