529 account

The House Committee on Ways and Means has approved their tax package out of committee by a party line vote of 26-19 following a markup hearing.

The House Committee on Ways and Means has released draft text of a budget bill and a section by section summary ahead of a full committee markup of the bill scheduled today. While the proposal represents an early marker of what is expected to be a rigorous process through reconciliation, the following provisions are highlighted.

Senators Tim Scott (R-SC) and Maria Cantwell (D-WA) have introduced the Aviation Workforce Development Act. According to a press release, the bill would make training at FAA-certified commercial pilot and aircraft maintenance technician schools a qualified expense for 529 college savings plans. This is companion legislation to a bill introduced in the House of Representatives by Congressman Mike Collins (R-GA).

Representative Mike Collins (R-GA) has reintroduced H.R. 1818, the Aviation Workforce Development Act. According to a press release, the bill would make training at FAA-certified commercial pilot and aircraft maintenance technician schools a qualified expense for 529 college savings plans.

Senator Ted Cruz (R-TX) has reintroduced the Student Empowerment Act.

Representative Rob Wittman (R-VA) and several co-sponsors have introduced the Freedom to Invest in Tomorrow’s Workforce Act. According to a press release, the bill would permit the use of 529 account funds to pay for certain post-secondary training programs.

Representatives Marie Gluesenkamp Perez (D-WA) and co-sponsor Chuck Edwards (R-NC) have introduced H.R. 808,

Rep. Kevin Hern, (R-OK), and three Republican co-sponsors have introduced HR 8915, the Education and Workforce Freedom Act.

Senator Bob Casey (D-PA) and several co-sponsors have introduced S. 3716, the 401Kids Savings Account Act.

The Internal Revenue Service has issued Notice 2024-23 providing relief for taxpayers impacted by system issues affecting the Maryland Prepaid College Trust.