WASHINGTON, Sept. 27, 2018 /PRNewswire/ -- Today, Family Research Council praised the House passage of the Family Savings Act of 2018 (H.R. 6757). The legislation expands 529 education savings plans to recognize unborn children for the first time in the tax code by allowing parents, grandparents, or other relatives to open a 529 plan for an unborn child and begin to save for that child's education.
Additionally, new parents may withdraw funds from their retirement plans during the first year of a newborn child's life or within one year of when a child is legally adopted. The bill also expands 529 education savings plans, which under current law cover private and religious schools, to also cover the costs of homeschooling.
Family Research Council President Tony Perkins released the following statement:
"Family Research Council applauds the House of Representatives for passing the Family Savings Act, which will deliver much-needed relief for growing families and adoptive parents, while recognizing – for the first time in the tax code – the humanity of the child in the womb. Pregnant moms and expectant parents will finally have the opportunity to get started on planning for their child's college education.
"The House also took a major pro-adoption step by lifting penalties from withdrawing retirement funds if they are used specifically for the costs associated with raising a child.
"Homeschool families have faced unjust discrimination in the tax code through their exclusion from 529 education savings accounts that are already available for parents who enroll children in private and religious schools. This legislation puts an end to that discrimination and removes an obstacle for millions of moms and dads in exercising their right to educate their kids the way they see fit.
"Our vision is to see families flourish and that includes pregnant mothers and their unborn children. This bill recognizes that families are at the heart of our economy. When families thrive, everyone benefits. We urge the U.S. Senate to pass the Family Savings Act so that President Trump can sign it into law," concluded Perkins.
SOURCE Family Research Council