Welcome to our new website, but more importantly we have big news to share! Congress passed a tax reform bill that included a school choice provision. This is a victory for our kids!
The final federal tax bill expands education savings accounts that grow tax free – commonly referred to as 529s – to include K-12 expenses for private and parochial schools. Currently, 529s can only be used for college tuition and related expenses.
Because a 529 account grows tax free, families in Minnesota and across the country will be able to save more money to support their children’s education during the important K-12 years! Under the new legislation, effective for tax year 2018, up to $10,000 per child may be used from a 529 account to pay for private school tuition.
This school choice provision will jumpstart education reform efforts across the country, while keeping state and federal bureaucracies and regulations at bay. That means parents are in a strong position to save resources, receive tax relief, and send their child to a school of choice.
OAK is proud to have worked on this effort at the federal level and will continue fighting for our kids. While this legislation is important, we will also continue with our work at the state level.
Thank you for your support of OAK and Minnesota’s students. Happy Holidays to you and your family!