Committee Advances Rep. Smith's Legislation to Help Families Save for Education Expenses
WASHINGTON, D.C. – Tuesday the U.S. House of Representatives Committee on Ways and Means passed the Student Empowerment Act, authored by Congressman Jason Smith (MO-08), which will allow families to save for everyday K-12 education expenses with 529 College Savings Plans.
Under Rep. Smith’s legislation, families could use 529 savings accounts for K-12 tuition, books and instructional materials, tutoring expenses, fees for exams related to college admissions, and educational therapy for students with disabilities.
“An investment in education is an investment in the future,” said Congressman Smith. “My legislation will help working families afford everyday K-12 expenses while planning for their children’s future and unique education needs.”
Additionally, the Student Empowerment Act would allow all families to use tax-free 529 savings accounts, regardless of where their children receive their education. It would change current law, which does not permit families to use 529 savings accounts for homeschool expenses.
“This will end the wrongful discrimination against families who homeschool their children, because every family has the right to choose where their children receive their education,” said Congressman Smith.
The Student Empowerment Act was included in H.R. 1994, the Setting Every Community up for Retirement Enhancement (SECURE) Act, which was approved by the Committee on Ways and Means Tuesday.
The SECURE Act now heads for a vote on the floor of the United States House of Representatives.