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S. 220: 529 Expansion and Modernization Act of 2019

We don’t have a summary available yet.

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jan 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.