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October 31, 2014

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Porter-led bill would encourage savings for children’s college fund

WASHINGTON -- Employers could be encouraged to help their employees save for their children's college educations under a bill introduced Thursday by Rep. Jon Porter, R-Nev.

Porter's bill, the Education Savings Act of 2003, would change tax laws so employers could contribute to a Coverdell account, also known as 529 savings plans, without the money being taxed as income. Companies would also receive a tax break for making the contribution.

"Every parent who sends his or her child to college knows the anxiety of how they are going to pay for it," Porter said. "This bill would also encourage employers to participate in helping their employees save for college."

Porter sits on the House Education and Workforce Committee, which would have to approve the bill before it would move forward. He has 13 co-sponsors for the bill.

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