| Bill | S 220 |
|---|---|
| Type of Legislation | Senate Bill |
| Congress | 116 |
| Source | View original on Congress.gov |
Geographic Scope
National
Description
529 Expansion and Modernization Act of 2019
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 2020) and must be made in connection with a payroll deduction contribution program.
Bill Title
529 Expansion and Modernization Act of 2019
Linked Goals
Steps
- 2019-01-24: Read twice and referred to the Committee on Finance.
- 2019-01-24: Introduced in Senate
Projected Outcome
A more informed proposal or public response aligned with the Promote General Welfare goal.