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| Foxx Report |
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This week the House of Representatives passed bipartisan legislation to strengthen and improve the investment tool known as a 529 plan, which helps families save for their child’s college education.
Since 2001, students have been able to withdraw earnings from 529 investment plans tax-free if the funds are used to pay for qualified higher education expenses. H.R. 529 would permit the re-deposit of refunds from colleges into 529 plans without taxes or penalties as long as the re-deposit occurs within 60 days of the student withdrawing from the college. It also would eliminate a paperwork burden for 529 plan administrators by removing distribution aggregation requirements, which have been unnecessary since the tax treatment of the plans changed in 2001. Finally the bill would identify computers as a qualified expense.
Paying for college is hard work, and it’s getting more difficult as tuition and fees continue to increase at rapid rates. With student loan debt surpassing credit card debt, we need to do everything we can to encourage American families to save for college and invest in their child’s future.
5th District Congressional Art Competition
Do you know any talented high school artists living in North Carolina’s 5th Congressional District? Encourage them to submit entries for the 2015 Congressional Art Competition, which is a nationwide high school visual art competition to recognize talented young artists and promote the valuable role meaningful art plays in our society.
As in years past, the online community will decide this year’s winner. Following the submission deadline, a photo of each student’s artwork will be posted on my Facebook page. The piece that receives the highest number of “likes” will win, and the artist will have the opportunity to travel to the U.S. Capitol for the installation of his or her work. Two runners-up also will be selected, and their artwork will be on display in one of my district offices. Online voting will begin on Monday, April 20, at noon and will end on Monday, May 4, at noon.
The deadline for entries is Friday, April 17, at 5 p.m. Visit my website to view guidelines for entering the competition.
Department of Homeland Security
In December, I signed on to an amicus brief in support of a lawsuit by 26 states, including North Carolina, which sought an injunction against President Obama’s unilateral executive actions on immigration. That injunction was granted on Feb. 16 by a U.S. District Court Judge in Texas.
In the wake of that decision, the House of Representatives voted on Friday to conference with the Senate to negotiate a long-term funding bill for the Department of Homeland Security that protects our nation and stops President Obama’s executive amnesty. Previously, the House passed legislation on Jan. 14 that would have funded the department for the remainder of this fiscal year with language specifically designed to stop the president’s blatant overreach of his Constitutionally-granted executive authority. Senate Democrats have refused to consider that language in order to defend President Obama’s unlawful plans to grant amnesty to millions of illegal aliens.
In order to allow formal discussions with the Senate to commence and to continue funding the national security functions of the Department of Homeland Security, the House also voted to temporarily extend funding for the Department of Homeland Security for one week.
What’s Coming Up
Next week the House will consider the EPA Science Advisory Board Reform Act and the Secret Science Reform Act, which will require the EPA to more transparently determine and share the science behind its regulations. The House will also consider legislation to reform passenger rail programs.
Sincerely,
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