Bill > S335

Introduced Session

A bill to amend the Internal Revenue Code of 1986 to improve 529 plans. (Sec. 2) This section amends the Internal Revenue Code to modify the types of higher education expenses that may be paid from a qualified tuition program (known as a 529 plan) to include expenses for the purchase of computer or peripheral equipment and computer software. This amendment applies to taxable years beginning after December 31, 2014. (Sec. 3) This section repeals, after 2014, the provision of the Internal Revenue Code that requires 529 plan accounts to be aggregated for purposes of calculating the amount of distributions that are includible in taxpayer income. (Sec. 4) This section amends the Internal Revenue Code to provide that a 529 plan beneficiary who receives a refund of higher education expenses after 2014 will not be required to include the amount of such refund in income for tax purposes if such beneficiary recontributes the refunded amount to the 529 plan within 60 days of receiving the refund and the recontribution does not exceed the refunded amount.

AI Summary

Committee Categories

Chuck Grassley (R)*,  Kelly Ayotte (R),  Richard Burr (R),  Ben Cardin (D),  Bob Casey (D),  Susan Collins (R),  Deb Fischer (R),  Cory Gardner (R),  Johnny Isakson (R),  Angus King (I),  Amy Klobuchar (D),  Mitch McConnell (R),  Jerry Moran (R),  Lisa Murkowski (R),  Rob Portman (R),  Pat Roberts (R),  Chuck Schumer (D),  Tim Scott (R),  Pat Toomey (R),  Mark Warner (D),  Roger Wicker (R), 

Placed on Senate Legislative Calendar under General Orders. Calendar No. 97. (on 05/21/2015)

Official Document