House Eases Limits on 529 College Plans in Response to Obama
This article is for subscribers only.
The U.S. House of Representatives voted to loosen restrictions on tax incentives for education savings, expanding a program that President Barack Obama wanted to limit.
The measure, which passed on a 401-20 vote Wednesday, would let people use tax-advantaged education savings accounts to pay for computers and place refunds from colleges back into their accounts without penalty. Bipartisan support in the House and Senate -- and lack of opposition from Obama to this narrow bill -- means that it stands a good chance of becoming law.