The tax bill passed by the House of Representatives on May 22 includes some big changes for families.
It increases the child tax credit, introduces a new tax-deferred account with government contributions for new babies, expands eligible expenses for health savings accounts, and proposes a tax break for interest on certain car loans.
It would also make a variety of changes affecting education-related expenses, including expanding the use of tax-free 529 accounts, but adding new restrictions on student loan repayment programs.
The Senate will debate the tax bill next, and there will likely be additional changes before the law is finalized.
However, knowing what’s in the bill can help you prepare for what may be coming. Keep reading for details.
This post originally appeared at U.S. News & World Report.