Student Empowerment Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Student Empowerment Act expands the use of tax-free 529 college savings plans to cover a wider range of educational expenses. Currently, these plans primarily cover higher education costs. This bill allows 529 plans to be used for tuition, curriculum materials, books, online learning, tutoring, testing fees, dual enrollment, and educational therapies for students with disabilities, including those received through homeschooling. This aims to provide greater financial flexibility for families investing in their children’s education.
Key provisions
- Allows 529 plan distributions to cover tuition for elementary and secondary public, private, and religious schools.
- Extends 529 plan coverage to include homeschooling expenses.
- Covers curriculum and curricular materials.
- Allows for the use of 529 plans to pay for tutoring services.
- Includes fees for standardized tests and dual enrollment programs.
- Permits the use of 529 plans to cover educational therapies for students with disabilities.
- Applies to distributions made after the bill’s enactment.
Who is affected
- Parents and families saving for education
- Homeschool families
- Elementary and secondary school students
- Private and religious school students
- Higher education institutions
Notable changes
- Expands the eligible expenses for 529 plan distributions beyond just higher education.
Bill text
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Sponsors
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6 on record
Primary sponsor
Cosponsors
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