Senate subcommittee hearing raises concerns about 529 plans
The Senate Governmental Affairs Subcommitte on Financial Management held a hearing on September 30, 2004 to explore concerns regarding fees, disclosures, and state tax preferences in the 529 arena. Subcommittee Chair Peter Fitzgerald of Illinois repeatedly inquired as to why 529 plans had to be run by state governments. As to whether states should be forced to extend its tax incentives to out-of-state 529 plans, witness Jaqueline Williams of the Ohio Tuition Trust Authority stated that the states have the prerogative to decide who is eligible for state tax deductions. The archived hearing is available HERE. A press release from Senate Fitzgerald's office is available HERE.
Return to 529 News center