Newsmax: Cruz Amendment in Tax Bill Allows 529 Benefits for K-12

News|12.17.17

A tax break for parents who send their children to private school in the GOP overhaul of the tax code is “smart policy” that’ll be a “big win” for families, according to Forbes.

Congressional Republicans unveiled the final draft of the bill Friday night and it could be voted on this week, on track for President Donald Trump’s prediction of a tax cut measure before Christmas.

Included in the final draft is an amendment offered by Sen. Ted Cruz, R-Texas, to expand 529 education savings accounts — traditionally used for college tuition and expenses — for tuition for students in K-12 private and parochial schools, and costs related to homeschooling a child, the Washington Examiner reported.

Up to $10,000 per year per child can be distributed for these purposes.

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