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Tax Deduction for 529 Education Savings Plan Contributions.

This bill introduces a new tax deduction allowing citizens to subtract up to $10,000 annually from their taxable income for contributions made to a 529 education savings plan. The change aims to make saving for college easier for families by reducing their current tax liability. This deduction is available only to individuals whose adjusted gross income does not exceed $200,000.
Key points
You can deduct up to $10,000 annually from your taxes for contributions to 529 education savings plans.
The deduction is limited to individuals whose annual adjusted gross income is $200,000 or less.
This change lowers your taxable income, resulting in a smaller tax bill for the year.
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Additional Information
Print number: 118_HR_8710
Sponsor: Rep. Gottheimer, Josh [D-NJ-5]
Process start date: 2024-06-12
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend the Internal Revenue Code of 1986 to allow a deduction for amounts contributed to a 529 plan.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_8710.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-06-12.

What are the main provisions?

Key points include:

  • You can deduct up to $10,000 annually from your taxes for contributions to 529 education savings plans.
  • The deduction is limited to individuals whose annual adjusted gross income is $200,000 or less.
  • This change lowers your taxable income, resulting in a smaller tax bill for the year.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Gottheimer, Josh [D-NJ-5].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Education Family