To amend the Internal Revenue Code of 1986 to improve 529 plans.

Bill 114 hr 529, also known as the "To amend the Internal Revenue Code of 1986 to improve 529 plans," aims to make changes to the tax laws surrounding 529 college savings plans. These plans, named after Section 529 of the Internal Revenue Code, allow individuals to save for future education expenses in a tax-advantaged way.

The bill proposes several key changes to improve 529 plans. One of the main provisions is to allow funds in 529 plans to be used for apprenticeship programs, homeschooling expenses, and student loan payments. This expansion of eligible expenses aims to provide more flexibility for families saving for education.

Additionally, the bill seeks to increase the annual contribution limit for 529 plans. Currently, individuals can contribute up to $15,000 per year without incurring gift tax. The proposed increase would raise this limit, allowing individuals to save more for their children's education. Furthermore, the bill includes provisions to simplify the process of transferring funds between 529 plans and to allow rollovers from 529 plans to ABLE accounts, which are tax-advantaged savings accounts for individuals with disabilities. Overall, Bill 114 hr 529 aims to enhance the benefits of 529 plans and make them more accessible to a wider range of families. These changes could potentially help more individuals save for education expenses and alleviate the financial burden of higher education.