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Grassley commemorates 529 Day

529 PlanFrom Press Release

 

Today marks National 529 College Savings Day to increase awareness of 529 plans. In January, H.R. 529, a bill to expand and strengthen these plans, quickly passed the House with a sweeping bipartisan vote of 401-20. U.S. Sen. Chuck Grassley (R-IA) has introduced companion legislation in S. 335, which recently passed 26-0 out of the Senate Finance Committee.

“529 plans in Iowa and across the country have helped millions of families afford a quality college education,” Grassley said. “Our bill builds on this success and strengthens these plans going forward.  The Senate ought to pass the bill as soon as possible so we can get this proposal on the President’s desk.”

The House and Senate legislation would improve 529 savings plans by empowering students to use their savings for computers, eliminates an outdated and unnecessary aggregation rule, and allows taxpayers to re-deposit refunds from colleges without taxes or penalties.