S. 3228
Referred to Committee529 Expansion and Modernization Act of 2018
Latest Action
Read twice and referred to the Committee on Finance.
7/17/2018 • Senate
Summary
529 Expansion and Modernization Act of 2018
This bill allows tax-exempt distributions from qualified tuition programs (known as 529 plans) to be used for:
- apprenticeship programs,
- early education expenses for children under the age of 5,
- career and technical education programs, and
- industry intermediary education programs.
The bill also allows employers to make contributions to an employee's 529 plan as a fringe benefit that is excluded from the gross income of the employee. The contributions per employee may not exceed $500 per year (adjusted for inflation after 2019) and must be made in connection with a payroll deduction contribution program.
Introduced in Senate • 7/17/2018
Topics & Subjects
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Sponsor
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Bill Journey
Originated in the Senate
Introduced
July 17, 2018
Read twice and referred to the Committee on Finance.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law
Text Versions (1)
Related Bills (3)
S. 2222
A bill to amend the Internal Revenue Code of 1986 to allow for distributions from 529 accounts for expenses associated with registered apprenticeship programs.
H.R. 7021
To amend the Internal Revenue Code of 1986 to provide for distributions from 529 plans to pay certain early education expenses.
S. 220
529 Expansion and Modernization Act of 2019