WASHINGTON, D.C.– Last evening, the Senate Finance Committee passed S. 335 unanimously out of committee. S. 335 was introduced by Senator Chuck Grassley (R-IA) and is companion legislation to Congresswoman Lynn Jenkins’ (KS-02) bill to expand 529 college savings plan in the House. Congresswoman Jenkins released the following statement applauding the Senate:

“We are now one step closer to helping hardworking families save and plan ahead for the costs of attending higher education. After the American people overwhelming rejected the President’s plan to tax 529 college savings accounts, Congress has come together and moved legislation that would help folks around the country struggling to send their children to college.  The bipartisan backing of this proposal demonstrates the depth and sincerity of the sentiment over the value of expanding 529 college savings plans. This is only the third tax markup that the Senate Finance Committee has held this sessionwhich signifies just how important this legislation is to the American people, and I urge the full Senate to quickly bring this bill up for consideration.”

Senate Legislation:

S. 335is the companion legislation to H.R. 529, which improves 529 savings plans by empowering students to use their savings for computers, eliminates an outdated and unnecessary aggregation rule, and allows taxpayers to re-deposit refunds from colleges without taxes or penalties. For more details on the bill, click here.

The House Actions:

In January,Congresswoman Jenkins introduced H.R. 529. This legislation moved quickly through the House and was passed with a remarkable 401 voteson February 25, 2015.

Widespread Support For 529 Plan Changes:

Click here to read about the nationwide coverage of H.R. 529 and S. 335.

# # #