Several technical amendments were added to the bill, which is companion legislation to H.R. 529, legislation that passed the House in late February.
Senate Finance Committee Chairman Orrin Hatch, R-Utah, said after the unanimous passage of the bill out of his committee, that “the challenges of paying for a college education can be extremely daunting. Thankfully, 529 college savings plans have served as a critical tool for hardworking families, helping to ease the burden of paying for higher education. Today, the Finance Committee built upon this success and took action to expand these plans and keep them tax free.”
Hatch stated that his committee was able to report out the “common-sense measure with a unanimous bipartisan vote,” and that he looked “forward to working with my colleagues in Congress to ensure this bill is enacted into law.”