529 Expansion and Modernization Act of 2019 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 2020) and must be made in connection with a payroll deduction contribution program.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Finance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Taxation
Bank accounts, deposits, capitalEmployee benefits and pensionsEmployment and training programsIncome tax deferralIncome tax exclusionInflation and pricesPreschool educationStudent aid and college costsVocational and technical educationWages and earnings
529 Expansion and Modernization Act of 2019
USA116th CongressS-220| Senate
| Updated: 1/24/2019
529 Expansion and Modernization Act of 2019 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 2020) and must be made in connection with a payroll deduction contribution program.
Bank accounts, deposits, capitalEmployee benefits and pensionsEmployment and training programsIncome tax deferralIncome tax exclusionInflation and pricesPreschool educationStudent aid and college costsVocational and technical educationWages and earnings