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

Bill 114 s 335, also known as the "529 Plan Improvement Act," aims to make changes to the Internal Revenue Code of 1986 in order to enhance 529 plans. 529 plans are tax-advantaged savings plans designed to help families save for future education expenses.

The key provisions of this bill include increasing the annual contribution limit for 529 plans from $15,000 to $30,000 per beneficiary. This change would allow families to save more money for their children's education without incurring tax penalties.

Additionally, the bill proposes expanding the allowable uses of 529 plan funds to include expenses related to apprenticeship programs and student loan payments. This would provide families with more flexibility in how they can use their savings to support their children's education and career development. Furthermore, the bill seeks to simplify the process for transferring funds between 529 plans and qualified tuition programs. This would make it easier for families to manage their savings and ensure that they are maximizing the benefits of these tax-advantaged accounts. Overall, the 529 Plan Improvement Act aims to make it easier for families to save for education expenses and provide more options for how they can use their savings. By increasing contribution limits, expanding allowable uses of funds, and simplifying transfer processes, this bill seeks to support families in their efforts to invest in their children's future education and career success.