H.R. 8128 — Introduced in House

I 117th CONGRESS 2d Session H. R. 8128 IN THE HOUSE OF REPRESENTATIVES June 16, 2022Mr. Smucker introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to expand the uses for funds under qualified tuition programs, and for other purposes. 1. 529 account funding for job training (a) In general Section 529(c)(8) of the Internal Revenue Code of 1986 is amended— (1) in the heading, by inserting and industry recognized apprenticeship programs after programs, and (2) by striking the period at the end and inserting or an industry recognized apprenticeship program registered and certified by an eligible Standards Recognition Entity under part 29 of title 29, Code of Federal Regulations.. (b) Effective date The amendments made by this section shall apply to funding contributed in taxable years beginning after the date of the enactment of this Act. 2. Account funding for short term programs (a) In general Section 529(e)(3)(A) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (ii), by striking the period at the end of clause (iii) and inserting , and, and by inserting after clause (iii) the following new clause: (iv) expenses related to a career and technical education program (as such term is defined for purposes of section 3(6)(A) of the Carl D. Perkins Career and Technical Education Act of 2006 (20 U.S.C. 2302(6)(A)) or a career pathway (as such term is defined in section 3 of the Workforce Innovation and Opportunity Act (29 U.S.C. 3102)). . (b) Effective date The amendments made by this section shall apply to funding in taxable years beginning after the date of the enactment of this Act. 3. Modifications to excise tax based on investment income of certain private colleges and universities (a) In general Section 4968(a) of the Internal Revenue Code of 1986 is amended by striking 1.4 and inserting 1.6. (b) Exemption for educational institutions that do not accept Federal aid Section 4968(b)(1) of such Code is amended by striking and at the end of subparagraph (C), by striking the period at the end of subparagraph (D) and inserting , and, and by adding at the end the following new subparagraph: (E) which does not accept Federal aid, including Federal student financial assistance, under title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.). . (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.