JEFFERSON CITY, Mo — The board governing Missouri’s MOST 529 plan recently passed a resolution acknowledging and welcoming the expansion of the program to include tuition for public, private and religious K-12 schools.
A copy of the resolution is available here: http://bit.ly/2DpSLNq
“The expansion of the MOST 529 program to include K-12 tuition is one of the most important improvements to Missouri education policy in the past decade,” said State Treasurer Eric Schmitt, who administers the program. “This change will make educational opportunity accessible to more families than ever before and help prepare the next generation of Missourians for the economy of tomorrow.”
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 post-tax dollars.
Prior to the passage of federal tax reform in December 2017, MOST 529 plans were limited to higher education expenses.
“This reform is a positive development for Missouri students and their parents,” said State Representative Shamed Dogan, who serves on the House Elementary and Secondary Education Committee. “By acting immediately and getting ahead of the curve, Treasurer Schmitt and his team are setting a national example for how to effectively implement this change on the state level.”
Experts say expanding qualified expenses in 529 programs to include K-12 education will result in more opportunity for families to ensure their children get a quality education.
“This new law gives Missouri families more education options with their own savings,” said Lindsey Burke, Director of the Heritage Foundation’s Center for Education Policy. “This important change, led by Treasurer Schmitt for Missouri’s 529 plan, puts the attainment of the American Dream within closer reach for students.”
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.