Legislation introduced to expand 529 plans and enhance Coverdell ESAs
Legislation has been introduced by Rep Patrick McHenry (R-NC) that would enhance two popular college savings vehicles, 529 plans and Coverdell Education Savings Accounts. H.R. 1928, or the Empowering Parents to Invest in Choice (EPIC) ACT, introduced on April 22, 2015, would allow for 529 plan funds to be used for certain K-12 expenses,including tutoring, special needs services, and books. The bill would also raise the limit on annual contributions to Coverdell ESAs from $2,000 to $15,000.
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