529 Expansion and Modernization Act of 2018
Latest action · Jul 17, 2018 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 17, 2018
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
529 Expansion and Modernization Act of 2018
This bill allows tax-exempt distributions from qualified tuition programs (known as 529 plans) to be used for:
- apprenticeship programs,
- early education expenses for children under the age of 5,
- career and technical education programs, and
- industry intermediary education programs.
The bill also allows employers to make contributions to an employee's 529 plan as a fringe benefit that is excluded from the gross income of the employee. The contributions per employee may not exceed $500 per year (adjusted for inflation after 2019) and must be made in connection with a payroll deduction contribution program.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Jul 17, 2018Introduced in Senate
- Jul 17, 2018Read twice and referred to the Committee on Finance.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2222 | A bill to amend the Internal Revenue Code of 1986 to allow for distributions from 529 accounts for expenses associated with registered apprenticeship programs. | Related bill | Dec 12, 2017 |
| HR 7021 | To amend the Internal Revenue Code of 1986 to provide for distributions from 529 plans to pay certain early education expenses. | Related bill | Oct 2, 2018 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 17, 2018Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.