The Tax Cuts and Jobs Act has passed both the Senate and the House, and now has President Trump’s signature.
Due to conflicts with the so-called Byrd Rule in the Senate, the final bill contained two changes to the provisions affecting colleges and universities. The first change was to remove references to “tuition-paying” students in the test for applicability of the new excise tax on private college and university endowments. The second change was to remove the provisions allowing use of 529 plan assets for homeschooling expenses.
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