Wednesday, February 25, 2015
WASHINGTON, D.C. – Congressman Robert Hurt (R-Virginia) released the following statement after voting in favor of H.R. 529, which amends the Internal Revenue Code to expand, strengthen, and modernize 529 college savings accounts:
"A well-educated, well-trained workforce is essential to maintaining a competitive economy, and we must ensure that Fifth District Virginians, and Americans across the country, have access to higher education that provides them the necessary tools to help build a stronger economy. Yet, each year we see the costs of higher education continue to rise, leaving many families straining to find ways to meet those costs. It is essential that hardworking American families have access to financial planning programs that help them prepare for the rapidly rising costs of college.
"This commonsense, bipartisan legislation strengthens and modernizes the regulations for 529 college savings accounts, allowing families who invest in these prepaid college savings plans to save for higher education more efficiently. I look forward to continuing to strengthen 529 savings accounts and pursuing new avenues to ensure that hardworking families are able to effectively invest in their children's futures."
Note: Last Congress, Congressman Hurt introduced the College Savings Enhancement Act, which would update current securities laws to allow state-run prepaid college savings plans the freedom to invest more broadly. He plans to reintroduce this legislation in the 114th Congress.