Members of the U.S. House of Representatives and the U.S. Senate are working to make permanent the College Invest in Education Savings for Tomorrow (InvEST) Act of 2005. If made into law, those investing in state-sponsored 529 college savings plans can continue to enjoy tax-free treatment on qualified withdrawals. As it currently stands, these benefits are set to "sunset" or expire on December 31, 2010.
As of June 19, 2006, 71 Senators and 127 members of the House of Representatives have signed on to the House and Senate bills. We at the Florida Prepaid College Board would like to extend a great "thank you" to the Legislators who have supported the bill thus far, especially our Florida Representatives Mark Foley, Ileona Ros-Lehtinen, Jeff Miller, Dave Weldon, Mario Diaz-Bolart, Katherine Harris, and Senators Mel Martinez and Bill Nelson.
The work is not over yet. Please contact the Florida Congressional representatives who have not yet signed on to the bill and ask them to keep 529 plans tax-free by supporting the College 529 InvEST Act of 2005. For a complete list of Florida's Congressional representatives or to send an e-mail message, please visit www.florida529plans.com and click "Contact Your Legislators."