H.R. 7021 · 115th Congress
To amend the Internal Revenue Code of 1986 to provide for distributions from 529 plans to pay certain early education expenses.
- Stage
- In committee
- Sponsor
- Erik Paulsen
- Introduced
- 2018-10-02
- Latest action
- 2018-10-02 · Introduced in House
Summary
This bill amends the Internal Revenue Code to allow tax-free distributions from qualified tuition programs (known as 529 plans) to be used for qualified early education expenses, subject to a limit of $10,000 per beneficiary.
"Qualified early education expenses" are expenses for providing educational and other care to a child under age 5 (including childcare provided before and after school), as determined under state law and pursuant to attendance at a school or facility licensed in the state for the purpose.