Senate Finance Committee Approves 529 legislation

The Senate Finance Committee has approved 529 legislation authored by Senator Charles Grassley (R-IA), S. 335. The bill contains provisions to allow computer technology and equipment expenses to be included as qualified expenses for 529 purposes, to eliminate the distribution aggregation requirement for 529 tax reporting purposes, and to allow a tax-free recontribution of funds to a 529 plan should the student withdraw from an educational institution. The next step for the bill is to be brought to the Senate floor for consideration.
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