529 OPTIONS Act
- Last Action
- 5/10/2019
Actions
- 2019-05-10Referred to the House Committee on Ways and Means.
- 2019-05-10Introduced in House
- 2019-05-10Introduced in House
CRS Summary
As of 2019-05-10 (00)
529 Opening Paths To Invest in Our Nation's Students Act or the 529 OPTIONS Act
This bill allows tax-free distributions from qualified tuition programs (known as 529 plans) to be used for certain expenses associated with registered apprenticeship programs.
The bill expands the definition of "qualified higher education expenses" for which tax-free distributions are allowed to include (1) books, supplies, and equipment required for the enrollment or attendance of a designated beneficiary in an apprenticeship program registered and certified with the Department of Labor; (2) child care at a licensed day care center, and transportation, in connection with such enrollment or attendance; and (3) costs associated with obtaining an industry certification or other credential in connection with an apprenticeship program.
Cosponsors (10)
- Mike Kelly (R-PA)
- Daniel Kildee (D-MI)
- Madeleine Dean (D-PA)
- Brian Fitzpatrick (R-PA)
- Salud Carbajal (D-CA)
- Anthony Brindisi (D-NY)
- F. SENSENBRENNER (R-WI)
- ADAM SMITH (D-WA)
- Ed Perlmutter (D-CO)
- CHRISTOPHER SMITH (R-NJ)
Subjects
- Bank accounts, deposits, capital
- Child care and development
- Employment and training programs
- Financial services and investments
- Higher education
- Income tax exclusion
- Licensing and registrations
- Student aid and college costs
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.