By Staff Reports
(Victor Valley) – Rep. Paul Cook (R- Apple Valley) voted for H.R. 529, a bill to help students pay for higher education. This bill expands, strengthens, and modernizes 529 college savings accounts. These are savings accounts that states are allowed to establish for individuals to save for a college education.
This bill expands these savings accounts so more Americans have the opportunity to send their children to college. This bill would allow students to use funds from their 529 accounts to pay for computers. Additionally it would make it easier for funds to be distributed to students as well as allow taxpayers to re-deposit refunds from colleges without taxes or penalties. H.R. 529 makes these important improvements to 529 savings plans, while keeping withdrawals tax free.
Cook said, “This bill recognizes the reality that today’s students need a computer as much as they need textbooks for their studies. Allowing them to use their 529 savings plans for this major purchase is an important step toward making it easier to pay for higher education expenses. We should be looking to expand these important savings plans, not tax them as the president proposed.”
A member of the House Natural Resources, Armed Services, and Foreign Affairs Committees, Cook served as an infantry officer and retired after 26 years as a Colonel in the U.S. Marine Corps. During his time in combat, he was awarded the Bronze Star and two Purple Hearts.