115th CONGRESS 1st Session |
To amend the Internal Revenue Code of 1986 to allow tax free distributions from section 529 college savings plans for certain expenses associated with registered apprenticeship programs.
July 25, 2017
Mr. Meehan (for himself and Mr. Norcross) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to allow tax free distributions from section 529 college savings plans for certain expenses associated with registered apprenticeship programs.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “529 Opening Paths To Invest in Our Nation’s Students Act” or as the “529 OPTIONS Act”.
SEC. 2. Distributions from qualified tuition programs for certain expenses associated with registered apprenticeship programs.
(a) In general.—Section 529(e)(3) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
“(C) CERTAIN EXPENSES ASSOCIATED WITH REGISTERED APPRENTICESHIP PROGRAMS.—The term ‘qualified higher education expenses’ shall include—
“(i) books, supplies, and equipment required for the enrollment or attendance of a designated beneficiary in an apprenticeship program registered and certified with the Secretary of Labor under section 1 of the National Apprenticeship Act (29 U.S.C. 50),
“(ii) child care at a licensed day care center, and transportation, in connection with such enrollment or attendance, and
“(iii) costs associated with obtaining an industry certification, or other type of credential, in connection with such enrollment or attendance or in connection with the completion of such program.”.
(b) Effective date.—The amendment made by this section shall apply to expenses paid or incurred after the date of the enactment of this Act, in taxable years ending after such date.