To amend the Internal Revenue Code of 1986 to permit qualified distributions from section 529 plans for certain transportation and parking expenses.

Bill: 118-hr-8438
Sponsor: full_name: Rep. McClellan, Jennifer L. [D-VA-4]
Introduced: 2024-05-16
Policy area: Taxation
Latest action: action_date: 2024-05-16
text: Referred to the House Committee on Ways and Means.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 8438 IN THE HOUSE OF REPRESENTATIVES May 16, 2024 Ms. McClellan (for herself and Ms. Sánchez ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to permit qualified distributions from section 529 plans for certain transportation and parking expenses.

1. Qualified distributions from section 529 plans for certain transportation and parking expenses (a) In general Section 529(e)(3)(A) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (ii), by striking the period at the end of clause (iii) and inserting , and , and by inserting after clause (iii) the following new clause: (iv) reasonable expenses for transportation (including parking) to such eligible educational institution, not in excess of the allowance (applicable to the student) for transportation included in the cost of attendance (as defined in section 472 of the Higher Education Act of 1965 ( 20 U.S.C. 1087ll ), as in effect on the date of the enactment of this clause) as determined by such eligible educational institution. . (b) Apprenticeship programs Section 529(c)(8) of such Code is amended by inserting and to reasonable expenses for transportation (including parking) in connection with such participation before the period at the end. (c) Effective date The amendments made by this section shall apply to distributions made after the date of the enactment of this Act.