House Committee approves HR 529

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.
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