Summary: H.R.529 — 114th Congress (2015-2016)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed House amended (02/25/2015)

(This measure has not been amended since it was reported to the House on February 20, 2015. The summary of that version is repeated here.)

This bill makes changes to the rules for qualified tuition programs (known as 529 plans).

(Sec. 2) The Internal Revenue Code is amended to allow payments from 529 plans for the purchase of computer or peripheral equipment, computer software, or Internet access and related services to be used primarily by a 529 plan beneficiary while enrolled in an eligible educational institution.

(Sec. 3) The requirement that distributions from a 529 plan be aggregated for purposes of determining the amount includible in a taxpayer's income is eliminated.

(Sec. 4) Students who receive a refund from an eligible educational institution can recontribute such refund to a 529 plan without tax consequences if the recontribution is made not later than 60 days after the date of such refund and does not exceed the refunded amount.