The Early Education Savings Program Act would let certain child care expenses count as qualified expenses under section 529. The care must be for a designated beneficiary under age 5 and provided regularly by a compensated provider who is licensed, regulated, or registered under state law. The provider cannot be related to every child in their care. The change would apply to expenses paid or incurred after enactment. The bill was referred to the House Committee on Ways and Means.
If enacted, the bill would allow eligible child care expenses for children under 5 to qualify under section 529. The text does not describe other changes to these accounts or explain how the change would affect a particular family.
The bill does not state cost estimates, spending limits, or tax amounts. It addresses which child care expenses may qualify under section 529.
No publicly available information.
No publicly available information.