As Senator, Obama Voted to Make 529 College Savings Plans Permanent
On August 3, 2006, then-Senator Barack Obama voted to make the current tax treatment of 529 college savings plans permanent.
President Obama’s recently proposed tax plan, however, reverses this vote on 529 plans.
The vote on H.R. 4 — the Pension Protection Act of 2006 — took place in the second session of the 109th Congress, vote #230.
H.R. 4 made permanent the 529 plan expansion in the otherwise temporary 2001 Bush tax cut package (the Economic Growth and Tax Relief Reconciliation Act of 2001 — EGTRRA). The vote for H.R. 4 enshrined into permanent law the current tax-free growth of these college savings plans if used for tuition and fees. The 529 provision was in Section 1304 of the legislation.