Update on HR529 – 2/27/2015
The U.S. House of Representatives passed HR529, sponsored by Reps. Lynn Jenkins (R-KS) and Ron Kind (D-WI), by a vote of 401-20.
This legislation contains three important provisions to improve plans for families saving for college. First, it clarifies that computer technology and equipment are a qualified higher education expense. Second, it removes distribution aggregation requirements, eliminating an unnecessary paperwork burden. Finally, it permits account owners to redeposit refunds from colleges back into a 529 account without taxes or penalties.