St Rita SchoolOn Friday night, the United States Senate passed their version of the Tax Cuts and Jobs Act, better known as tax reform. Senator Ted Cruz (R-Texas) offered an amendment to make 529 education savings accounts even more useful than today. 529 accounts up until now have been used exclusively for college tuition and expenses. In a dramatic turn, the Cruz amendment was stuck at 50-50, requiring Vice President Mike Pence to hurry to the chamber and break the tie. If you participate in your home state's 529 plan (these accounts are mostly run by state agencies), you may be eligible for a state tax deduction.

Source: Forbes December 04, 2017 22:44 UTC