January 18, 2017
“A bipartisan bill has been introduced in the House to make it easier to save money in 529 college savings plans and accounts aimed at helping families with special needs children.
HR 529, sponsored by Rep. Lynn Jenkins, R-Kan., and Rep. Ron Kind, D-Wisc., would encourage companies to help employees start up either of these accounts and contribute to the plans by offering businesses tax incentives to do so. It also would remove limits on the number of times per year investments in the accounts can be changed, which currently stands at twice a year.
Funds saved in 529 college savings plans, which are named after the Internal Revenue Service code that created them, could be used to pay back student loans or be donated to charity without tax consequences, under the proposed bill.”
Story Excerpt: The National Association of State Treasurers recently outlined some legislative priorities that would broaden ABLE accounts’ reach..