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Recent Federal News

H.R. 529 passes in House vote

(February 25, 2015) - The House passed bill H.R. 529 today in a vote 401 - 20. This bill would expand the qualified expenses for 529 plans to include computer equipment, software, or internet access expenses used for college, and would allow the re-depositing of funds to a 529 plan without penalty if the student withdraws from college.

House Committee approves HR 529

(February 12, 2015) - The House Ways and Means committee has approved HR 529 to go before the full House for a vote. HR 529 would include computer expenses as qualified higher education expenses: remove certain tax accounting requirements involving aggregation of accounts; and permit the recontribution of school refunds within 60 days into a 529 plan without incurring tax. The recontribution provision was expanded in committee mark-up to include any refunds of qualified higher education expenses, and not just those following complete withdrawal from school.

President Obama drops proposal to tax withdrawals from 529 plans

(January 28, 2015) - The proposal released by President Barack Obama last week to end the ability to withdraw investment earnings from 529 account tax-free has been dropped, according to White House officials. Efforts will be made to work toward delivering a larger package of education tax relief that will have bipartisan support.

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