A bill the Missouri Senate passed unanimously this week would align Missouri’s 529 college savings plan rules with federal law that was recently changed to allow these accounts to pay for apprenticeships and student loans. Senate Bill 152 is sponsored by Sen. Denny Hoskins.
“The Missouri Chamber strongly supports this bill as it will enable more Missourians to access apprenticeships, which are vital opportunities for getting people back to work and recovering strong from the pandemic,” said Kara Corches, Missouri Chamber director of legislative affairs.
The bill will now be considered in the House. In addition, this same language about the 529 college savings plan rules has also been added to House Bill 624 by Rep. Doug Richey, which was passed by the House on March 11.