H.R. 529 would add new tax incentives to 529 plans
The bill includes the following provisions:
- Reinstates the inclusion of computer technology used by the student as a qualified higher education expense.
- Extends the current retirement saver's credit to include contributions to a 529 plan.
- Increases the number of permitted investment changes in a 529 account within the calendar year from one to four.
- Allows employers to make matching contributions to employee 529 accounts tax-free up to $600 per year.
The bill has been referred to the House Ways and Means Committee.