Business Services Industry
PPA '06 makes Sec. 529 tax incentives permanent.(Pension Protection Act of 2006)
Tax Adviser, The, March, 2007 by Cook, Ellen D.; Moody, B.I., III
Among the provisions included in the Pension Protection Act of 2006 (PPA 06) were amendments to the Code repealing the sunset provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), to the extent they apply to the modifications to Sec. 529 qualified tuition plans (QTPs).Thus, all EGTRRA amendments to Sec. 529 originally set to expire after 2010 have been permanently extended. In addition, new Sec. 529(f) authorizes Treasury to issue regulations to prevent abuse of Sec. 529 plans.
Sec. 529 plans first appeared in the Code in 1990. Tax-free growth of Sec. 529 QTPs was clarified by the Small Business Job Protection Act of 1996; the Taxpayer Relief Act of 1997 declared that donations to such plans are completed gifts from contributors,...
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