Washington, D.C.– Legislation cosponsored by Congressman Erik Paulsen (MN-03) to strengthen, expand, and modernize a popular college savings program passed the House by a bipartisan vote of 401-20. H.R. 529 makes important changes to 529 plans that are used by seven million American families to save for their children’s college education. The legislation allows computers – a necessity for current students – to be purchased with funds from a 529 plan. In addition, the bill also eliminates outdated paperwork requirements.

This legislation stands in contrast to a proposal by the President that would have increased taxes on families that utilize the popular college savings plans.

“The cost of college is continuing to rise at an alarming pace, and it’s squeezing the budgets of millions of hardworking families,” said Paulsen. “College savings plans give families a tool to help their children pursue a degree without being buried under mountains of debt.”

Video of Congressman Paulsen speaking in favor of H.R. 529 on the House floor is available here.

Paulsen, a champion of small business and advocate of free enterprise, entrepreneurship, and innovation, serves on the House Ways and Means Committee, the bicameral Joint Economic Committee, and is co-chair of the Congressional Medical Technology Caucus.

For more information on Congressman Paulsen’s work in Congress visit paulsen.house.gov. 

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