Senate Bill 3228
115th Congress(2017-2018)
529 Expansion and Modernization Act of 2018
Introduced
Introduced in Senate on Jul 17, 2018
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3228
Congress
115
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No Senate votes have been held for this bill.
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.
July 17, 2018
07/17/2018
Read twice and referred to the Committee on Finance.
07/17/2018
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:41:49 PM