H.R. 1928 · 114th Congress
Empowering Parents to Invest in Choice Act of 2015
- Stage
- In committee
- Sponsor
- Patrick McHenry
- Introduced
- 2015-04-22
- Latest action
- 2015-04-22 · Introduced in House
Summary
Empowering Parents to Invest in Choice Act of 2015
This bill amends the Internal Revenue Code to allow the payment of qualified elementary and secondary education expenses from a tax-exempt qualified tuition program (known as a 529 plan). (Currently, such plans only pay qualified higher education expenses.) Included as qualified elementary and secondary education expenses are expenses for tuition, fees, academic tutoring, special needs services, books, supplies, and computer technology or equipment.
The bill also increases from $2,000 to $15,000 the limit on the amount that may be contributed to a tax-exempt Coverdell education savings account. The new contribution limit is adjusted for inflation in each taxable year beginning after 2015.