Rep. Jim Renacci (OH-16) today released the below statement after voting in favor of H.R. 529, a bill that strengthens and enhances 529 college savings plans.
“There is no question that we must address the rising cost of higher education,” said Renacci. “While President Obama has proposed to tax 529 college savings plans, House Republicans want to modernize and expand them. I was proud to support this important legislation that strengthens a savings tool that millions of hardworking Americans rely on to afford college.”
Today, there are more than 12 million accounts that have resulted in over $225 billion saved toward a college education. Specifically, this legislation clarifies that computers are a qualified expense for 529 account funds and it eliminates unnecessary paperwork, making it easier for students to obtain the tools they need in order to excel in college. Additionally, H.R. 529 permits the re-deposit of refunds from colleges without taxes or penalties.