Urging the Internal Revenue Service (IRS): to exempt competitive sales of municipal debt from
any issue price rule; to provide specific guidance on acceptable documentation to be used in
determining market changes and acceptable variances in the offering price under the proposed
alternative method of determining issue price; to establish an efficient process that can quickly
and definitively be executed so as not to hinder the proper sizing of an escrow account on the bond
sale date; and to eliminate enforcement responsibilities for the municipal bond issuer.
NOW, THEREFORE BE IT RESOLVED, that the National Association of State Treasurers and its affiliated College Savings Plans Network urges the enactment of federal law or policy that would allow account holders to have two years following the tax year in which Qualified Higher Education Expenses are incurred to take a tax-free distribution from a 529 account for Qualified Higher Education Expenses incurred during the first two years after the effective date of the legislation or policy; and then to have one year following the tax year in which Qualified Higher Education Expenses are incurred to take a tax-free distribution from a 529 account for Qualified Higher Education Expenses for each subsequent year.
NOW, THEREFORE BE IT RESOLVED, that the National Association of State Treasurers urges any private or public organization entering a state to advocate that the state grant tax or other benefits to out-of-state section 529 qualified tuition programs first advise the public official responsible for administration of the state’s plan of their intent to participate in the discussion of state tax or other benefits for section 529 qualified tuition programs.
NAST & CSPN Thanks Congress for Excluding 529 Plans from Federal Financial Aid in the PROSPER Act