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December 28, 2015

Important 529 Legislation Passed by Congress

WASHINGTON, D.C. (December 18, 2015) – Today, Congress gave final approval to

legislation that makes important enhancements to 529 college savings plans. The three
provisions, which were contained in H.R. 529 and S. 335, were included as part of a
Congressional proposal to restore expired tax provisions.

Betty Lochner, chair of the College Savings Plans Network (CSPN)—the nation’s leading source
of information about Section 529 College Savings Plans and Prepaid Tuition Plans—issued the
following statement:

“This year D.C. policymakers have taken an active role in enhancing and improving 529
college savings plans for the benefit of American families – and their children’s college
education.

H.R. 529/S. 335 provides critical elements to help middle class families cope with the
rising costs of college and take full-advantage of their savings for future higher education
expenses. With 12 million accounts open and nearly $250 billion invested, 529 plans are
a consistent and powerful savings tool for families across the country.
This important legislation will make 529 plans more flexible by making computers an
eligible education expense; allowing the redeposit of college refunds without negative tax
implications in certain circumstances and updating outdated accounting rules.

The College Savings Plans Network applauds the inclusion of H.R. 529 and S. 335 in the
tax extenders bill. We congratulate Representatives Lynn Jenkins (R-KS) and Ron Kind
(D-WI), Senators Chuck Grassley (R-IA), Bob Casey (D-PA), Richard Burr (R-NC),
Mark Warner (D-VA), Pat Roberts (R-KS), and Ben Cardin (D-MD), and all the other
Congressional supporters of this legislation for their hard work to help ease the financial
burden for families trying to cover escalating college tuition costs.”

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Media Contacts:
Abby Berman
646.695.7044
abby@rosengrouppr.com
Maggie Beaudouin
646.695.7050
maggie@rosengrouppr.com

About College Savings Plans Network (CSPN)
Founded in 1991, the College Savings Plans Network (CSPN) is a national non-profit association
and the leading objective source of information about Section 529 College Savings Plans and
Prepaid Tuition Plans—popular, convenient and tax-advantaged ways to save for college. An
affiliate of the National Association of State Treasurers (NAST), CSPN brings together
administrators of 529 savings and prepaid plans from across the country, as well as their private
sector partners, to offer convenient tools and objective, unbiased information to help families
make informed decisions about saving for college. For more information, visit the CSPN website
at CollegeSavings.org; and follow CSPN on Twitter and Facebook.

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