Washington, DC – U.S. Rep. Mimi Walters (CA-45) today released the following statement after voting in support of H.R. 529 – a bill to expand, modernize, and strengthen 529 college savings plans. H.R. 529 passed in the U.S. House with bipartisan support and now awaits consideration by the U.S. Senate.
Said Rep. Mimi Walters, “As the cost of college tuition continues to grow at an astronomical rate – now, more than ever, it is important to have tools in place that incentivize Americans to save for college. Fortunately, college savings programs, known as 529 plans, exist to help encourage early savings for higher education costs. These plans allow families, relatives, and friends to put money aside for a child’s college expenses and later withdraw those funds tax-free. While the President attempted to punish families by taxing 529 plans – House Republicans are instead putting forward a solution that will empower parents by expanding, modernizing, and strengthening this important college savings tool. I’m hopeful that the President will support this common-sense, bipartisan bill, and stand behind the American families working hard to provide a quality education for their children.”