Congressman Sessions Votes to Strengthen College Savings Plans
Yesterday, I released the following statement regarding House passage of H.R. 529, to amend the Internal Revenue Code of 1986 to improve 529 plans. President Obama recently proposed taxing 529 college saving plans – plans that were designed to be tax-free to allow families to help save for their children’s college expenses.
At a time when college tuition has skyrocketed and middle-class families are struggling to pay for college, the last thing we need to do is jeopardize these important savings accounts by raising taxes on them. Today, the House of Representatives acted to expand these plans and provide greater flexibility to families who are saving for college.
This legislation benefits all American families and helps them achieve the American dream by making college more affordable.