By The Iowa Statesman
U.S. Sen. Chuck Grassley (R-IA) has released his weekly video address, in which he discusses his bill to enhance “529” college savings programs.
“This program has proven to be a successful tool to help families save for college,” he said. “I introduced legislation back in February to add flexibility for using the tax-free savings and make this program even more appealing for parents.”
He said the bill has three main provisions:
• it allows 529 funds to purchase a computer on the same tax-favorable basis as other required educational materials;
• it decreases paperwork and costs on 529 plan administrators; and
• it provides tax and penalty relief in instances where a student may have to withdraw from school for illness or other reasons.
“My bill also sends a message to families that Congress supports this program and will fight any efforts to get rid of it,” Grassley said. “The House of Representatives has passed its version of this bill with strong support. Given the overwhelming bipartisan support, I’m hopeful that full Senate will follow suit.”
Scroll down to see the entire address.
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