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S. Rept. 114-56 1 (2015-05-21)

handle is hein.congrecreports/crptxspf0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP Calendar No. 97 114TH CONGRESS REPORT 1st Session SENATE 114-56 A BILL TO AMEND THE INTERNAL REVENUE CODE OF 1986 TO IMPROVE 529 PLANS MAY 21, 2015.-Ordered to be printed Mr. HATCH, from the Committee on Finance, submitted the following REPORT [To accompany S. 335] The Committee on Finance, to which was referred the bill (S. 335) to amend the Internal Revenue Code of 1986 to improve 529 plans, having considered the same, reports favorably thereon with an amendment and recommends that the bill, as amended, do pass. CONTENTS Page I. LEGISLATIVE BACKGROUND ................................................................... 1 II. EXPLANATION OF THE BILL ...................................................................... 2 A. Section 529 Programs (secs. 2, 3, and 4 of the bill and sec. 529 of the Code) .................................................................................. 2 III. BUDGET EFFECTS OF THE BILL ............................................................. 6 A. Com m ittee Estim ates ........................................................................... 6 B. Budget Authority and Tax Expenditures .......................................... 6 C. Consultation with Congressional Budget Office ................................ 6 IV. VOTES OF THE COMM ITTEE ..................................................................... 8 V. REGULATORY IMPACT AND OTHER MATTERS .................................... 9 A . Regulatory Im pact ............................................................................... 9 B. Unfunded M andates Statement .......................................................... 9 C. Tax Com plexity Analysis ..................................................................... 9 VI. CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED 10 I. LEGISLATIVE BACKGROUND The Committee on Finance has considered the Chairman's Mark to S. 335, a bill that modernizes and improves the treatment of col- lege savings programs under section 529 of the Internal Revenue Code of 1986 (529 plans). It treats computer equipment and tech- nology expenses as qualified higher education expenses, and re- moves the aggregation requirement for distributions. The bill also 49-010

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