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MO SCR11

Concurrent Resolution

Official Source

Status

Introduced

1/26/2015

Primary Sponsor

Eric Schmitt

Click for details

Origin

Senate

2015 Regular Session

AI Summary

  • Urges the U.S. Congress to protect and strengthen the tax-deferred treatment of 529 college savings plans
  • Responds to a presidential budget proposal that would have taxed 529 plan earnings, which was later retracted after negative public reaction
  • Cites Missouri-specific concerns: 63% of 2012 four-year graduates had student loan debt averaging over $24,000, and nearly 99,000 Missourians are making student loan payments
  • Notes 529 plan benefits include minimum contributions as low as $10, tax-deferred growth, and potential savings of $15,000 more over 18 years compared to taxable accounts
  • Directs the Secretary of the Senate to send copies of the resolution to each member of Missouri's Congressional delegation

Legislative Description

Urges Congress to not remove the tax-deferred treatment of 529 college savings plans

Last Action

Referred H Ways and Means Committee

4/13/2015

Committee Referrals

Ways And Means4/13/2015
Rules, Joint Rules, Resolutions & Ethics1/27/2015

Full Bill Text

No bill text available