Author of 529 College Savings Plan Calls Adjustments to Tax Policy a No Brainer
For Immediate Release Contact: Billy Huzar
August 12, 2020 Tel: (862) 245-2119
PARSIPPANY, NJ: Rosemary Becchi, co-author of the tax-advantaged 529 Savings Plan and candidate for Congress in New Jersey’s 11th District, called on Congress to consider a temporary adjustment to the current United States Tax Code in order to allow parents to withdraw money from their 529 accounts to supplement education during the pandemic.
“Allowing families to use their 529s to help their children learn during this unprecedented time is a no-brainer” said Rosemary Becchi. “I may be a tax policy expert, but more importantly I am a mother and I will do anything I can do to help children learn. This simple policy adjustment can help families personalize their education needs which have changed rapidly due to the pandemic.”
Rosemary Becchi is suggesting the immediate addition of supplemental educational materials as qualified withdrawals. This means parents can use these funds to purchase resources such as:
- Textbooks and curricular materials
- Online education materials
- Tutoring costs
- Educational classes outside of the home
- Educational therapies for students with disabilities
The use of different types of educational materials and support could be invaluable for children right now, especially for students with learning disabilities.
“Congress has the opportunity to immediately help families mitigate the effects of ongoing isolation and online learning by adding minor provisions to the existing tax code” explained Becchi.
A growing number of individuals and educational policy experts have appealed to Congress to consider allowing additional qualified withdrawals for supplemental educational materials as parents struggle to support their children amidst the school closures prompted by the COVID-19 pandemic. Rosemary Becchi is calling for outside the box solutions to the real education problems facing families right now.
As the mother of a daughter that has learning disabilities, Becchi feels strongly about this proposal. “I can tell you that my daughter Francesca would not be headed to college this week if her education consisted solely of a one-dimensional educational platform- she is not the type of learner who can sit in front of a computer screen all day. What I’m proposing today is that we allow families to use their money which has been earmarked for educational expenses in a way that is personalized to their child’s needs.”
As students were isolated and relegated to online learning, more families began seeking supplemental educational materials to assist their children in this new educational environment. This is especially true in New Jersey where Governor Murphy signed an executive order mandating that school districts who cannot meet specific safety standards must begin the school year entirely remote. Families are turning to tutors, purchasing additional books and educational materials, and/or attending additional online classes and educational therapies for students with disabilities. These new expenses are magnified by the hardship of job losses and furloughs due to the pandemic. Becchi’s proposed additions to the 529 plans would help address both an educational void as well as financial hardship.