Student Empowerment Act

Bill 119 HR 939, also known as the "529 Expansion for Education Act," aims to amend the Internal Revenue Code of 1986 to allow for kindergarten through grade 12 educational expenses to be paid from a 529 account.

Currently, 529 accounts are tax-advantaged savings plans designed to help families save for higher education expenses, such as college tuition, fees, and room and board. This bill seeks to expand the allowable uses of 529 accounts to include educational expenses for students in kindergarten through 12th grade.

If passed, this legislation would provide families with more flexibility in how they use their 529 savings, allowing them to cover a wider range of educational costs for their children. This could potentially help alleviate the financial burden of private school tuition, tutoring, and other K-12 expenses for families who choose to utilize 529 accounts. Supporters of the bill argue that expanding the allowable uses of 529 accounts would make it easier for families to save for and afford a quality education for their children. However, critics may raise concerns about the potential impact on the overall tax code and whether this change would primarily benefit higher-income families who are more likely to have 529 accounts. Overall, Bill 119 HR 939 represents an effort to provide families with more options for saving and paying for their children's education, particularly in the early years of schooling. It will be important to monitor the progress of this legislation and consider its potential implications for families and the education system as a whole.