Expansion of 529 accounts will make it easier for families to save for tuition and homeschooling expenses
WASHINGTON, DC— #EdTaxCredit50 Coalition executive director Thomas Carroll issued the following statement in response to the release of the final Tax Cut and Jobs Act:
“The final Tax Cuts and Jobs Act will make it substantially easier for working- and middle-class families to save for a child’s education by allowing parents to pay for elementary and secondary education tuition and homeschooling expenses through tax-free 529 accounts.
“By taking this step, President Donald Trump and the U.S. Congress will be adopting the most significant national school-choice legislation in 20 years.
“Presently there are more than 13 million 529 college savings accounts with total savings of about $300 billion. More than 75 percent of this amount is attributable to families with incomes of $150,000 or less.
“The #EdTaxCredit50 Coalition assembled a coalition of more than 70 organizations across the nation to advocate for the expansion of 529 accounts to include K-12 tuition.”