H.R.675 - Empowering Parents to Invest in Choice Act of 2017115th Congress (2017-2018)
|Sponsor:||Rep. McHenry, Patrick T. [R-NC-10] (Introduced 01/24/2017)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 01/24/2017 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.675 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (01/24/2017)
Empowering Parents to Invest in Choice Act of 2017
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: (1) tuition, fees, academic tutoring, special needs services, books, and supplies; (2) room and board, uniforms, transportation, and supplementary items and services; and (3) and computer technology or equipment, including Internet access.
The bill also increases from $2,000 to $12,000 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 2014.