Treasurer Schmitt joins national panel of 529 experts to discuss successful expansion of Missouri’s MOST program to K-12 tuition
Tuesday, February 13, 2018
WASHINGTON, D.C. — Missouri State Treasurer Eric Schmitt on Monday joined a panel of national 529 experts at the National Association of State Treasurers’ Annual Legislative Conference to discuss Missouri’s successful expansion of the MOST 529 Savings Plan to K-12 tuition.
The panel discussed the successes and challenges of implementing federal tax law changes on the state level for 529 and ABLE (Achieving a Better Life Experience) programs.
“Missouri is proud to be one of the few states that has moved forward to empower parents with more flexibility to use their 529 plans as they see fit,” Schmitt said. “We have seen a tremendously positive response to this expansion from parents, educators and administrators and we’re confident we will be able to continue building on our initial success. The MOST 529 Savings Plan improves educational opportunity for Missouri students and the program is stronger than ever before.”
MOST 529 is a tax-advantaged program that empowers Missouri families to save for a child’s K-12 tuition and other qualified higher education expenses. The plan, which recently surpassed the $3 billion mark for assets under management, offers federal and state tax benefits, low costs and flexible ways to contribute.
Prior to the passage of federal tax reform in December 2017, MOST 529 plans were limited to higher education expenses. Under the new provision, MOST 529 account owners can spend up to $10,000 annually on tuition expenses at a public, private or religious elementary or secondary school.
To learn more about MOST, visit MissouriMOST.org.