Tax Law Updates | New Proposed Regulations
January 18, 2010
Treasury Department Recommends Changes to Tax Code Section 529 College Savings and Tuition Plan
Analysis of Section 529 College Savings and Prepaid Tuition Plans
Amendments to Section 529, 9/10/2009
A September 9, 2009 report issued by the Department of Treasury (”Department”) discussed the benefits of 529s as a way to build savings for this critically important investment, the extent to which Section 529 plans serve various income groups, and how well the plans keep costs low so as to maximize returns to savers. In addition, as requested by U.S. Vice President Joseph Biden, the report highlights exemplary practices and makes a set of recommendations on how to make Section 529 plans more effective and reliable.
By way of background, the Internal Revenue Service (“IRS”) on its website defines a 529…
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View a PDF of the regulation