THE HILL — The House passed legislation on Wednesday to enhance college savings plans that initially would have been reduced in President Obama’s budget this year.
Passage of the bill, 401-20, comes after the Obama administration backed off a proposal to eliminate tax breaks for the college savings accounts in its fiscal 2016 budget.
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Nineteen Democrats and one Republican, Rep. Walter Jones (R-N.C.), voted against it.
The White House withdrew the plan only a few days before the budget’s release earlier this month after Democrats lobbied the president to leave it out. About 12 million Americans use the 529 plans, though the White House maintains that wealthier families are the main beneficiaries.
The bill passed in the House would expand the types of qualified expenses for the savings accounts, also known as 529 plans, including computer equipment, software or Internet access expenses used for college.
Read more at The Hill.
