The Student Empowerment Act would expand what families can pay for using 529 education savings accounts, which currently allow tax-free withdrawals only for college expenses. Under this bill, parents and guardians could use 529 accounts to cover kindergarten through 12th grade costs, including tuition at public, private, or religious schools, as well as homeschooling expenses. The expanded eligible expenses would include curriculum materials, books, online educational content, tutoring from qualified instructors, standardized tests, dual enrollment fees, and educational therapies for students with disabilities. The bill would take effect immediately upon enactment for any 529 account distributions made after the law passes. This legislation would primarily benefit middle and upper-income families who use 529 plans to save for education, potentially allowing them greater flexibility in how they use these tax-advantaged savings accounts.
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