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119th CONGRESS
1st Session |
To amend the Internal Revenue Code of 1986 to increase the limitation on distributions from 529 accounts for qualified higher education expenses.
Mr. Schmitt introduced the following bill; which was read twice and referred to the Committee on Finance
To amend the Internal Revenue Code of 1986 to increase the limitation on distributions from 529 accounts for qualified higher education expenses.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. Increase in limitation for qualified higher education expenses from 529 accounts.
(a) In general.—The last sentence of section 529(e)(3) of the Internal Revenue Code of 1986 is amended by striking “$10,000” and inserting “$20,000”.
(b) Effective date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2025.