The GOP tax plan, released Thursday, would take the long-overdue step of allowing parents to use elementary and secondary education expenses under 529 savings plans. This could help parents across the country access more education options for their children.

The plan would effectively eliminate the existing Coverdell savings account program (which allows families to save for their children’s K-12 expenses) by enabling families to put post-tax earnings into an account, with any interest that accrues growing tax-free if put toward K-12 expenses.

The tax plan would replace the Coverdell system of K-12 savings, which was limited in scope at just $2,000 annually, and would combine it with the current 529 college savings plan, providing a much more robust K-12 savings vehicle for families.

Read the source article at The Heritage Foundation