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Pennsylvania House of Representatives
05/21/2024 06:36 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20230&cosponId=40818
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: May 23, 2023 09:50 AM
From: Representative Pat Gallagher and Rep. Keith J. Greiner
To: All House members
Subject: 529 TAP Accounts/Keystone Scholars
 
The PA-529 program has a proven track record of success.  It has helped families save for college and career-technical education, with more than 265,000 accounts that are worth $6.8 billion in contributions and investment growth.

In 2017, a change to federal law allowed 529 plans to be used for K-12 tuition, in addition to post-secondary expenses. The PA Treasury needs expanded authority to fully administer these federal changes.  Therefore, we will soon be introducing legislation to update the Tuition Account Programs and College Savings Bond Act (TAP Act) to align the provisions of the PA-529 program and the Treasury’s administrative capacity with federal law.  Our legislation will also move the Keystone Scholars Grant Program, which gives every child born to a Pennsylvania family a $100 education investment, from the Fiscal Code into the TAP Act.

Please join us in co-sponsoring this important bill so that we may ensure families can make use of the full spectrum of PA-529 benefits.
 


Introduced as HB1267