STATEMENT FROM #EDTAXCREDIT50 COALITION ON PASSAGE OF SENATE TAX CUT BILL INCLUDING CRUZ AMENDMENT EXPANDING 529 SAVINGS PLANS
Historic Measure is First Time in Decades Congress Passed a National School Choice Measure
WASHINGTON, DC—#EdTaxCredit50 Coalition executive Director Tom Carroll released the following statement in response to the Senate’s passage of the Tax Cut and Jobs Act, including an expansion of 529 savings plans to allow America’s parents to save tax free for K-12 private education and home-schooling expenses. A similar provision was included in the House-passed Tax Cut and Jobs Act. It is the first time in decades the U.S. Congress has passed a national school-choice measure.
The amendment to the reform package was introduced by Senator Ted Cruz (R-Texas). A coalition of more than 70 organizations from across the nation backed the Cruz measure. The Cruz amendment was supported by Senate Majority Leader Mitch McConnell, Senate Finance Chairman Orin Hatch and the entire GOP Conference, with the exception of Senators Susan Collins (R-Maine) and Lisa Murkowski (R-Alaska). The amendment, that will make it easier for working-class and middle-class families to save for the education of their children, was passed with a dramatic tie-breaking vote from Vice President Mike Pence.
Currently, there are 13 million 529 college savings accounts with more than $300 billion in total savings. More than 75 percent of savings are held by families making $150,000 or less.
“The Coalition thanks the Senate leadership, Chairman Hatch and especially Senator Cruz for making it easier for millions of working-class and middle-class families to save for education. This bill will make educational choice possible for millions of families and help make sure more of our children are career and college ready. The adoption of the Cruz amendment marks the first time in 20 years that the U.S. Congress has passed a national school-choice measure. This is truly an historic moment.
“The Trump Administration has already signaled its support for the measure. It is imperative that we harness this opportunity for our kids future and ensure this 529 expansion is included in the final bill.”
For Additional Comment and Interviews contact – Media@EdTaxCredit50.org – 917-579-2216
ABOUT THE #EDTAXCREDIT50 COALITION
#EdTaxCredit50 is an advocacy campaign for the adoption of a National Education Tax Credit to encourage charitable donations to non-profit K-12 scholarship funds in all 50 states. The Coalition of more than 200 organizations across the nation represents the interests of millions of potential beneficiaries of a National Education Tax Credit policy to the Trump Administration, Congress and the media. Learn more at www.EdTaxCredit50.org. The Coalition’s grassroots and Facebook campaigns called My Kid’s Future can be found here.