Today, Chief Deputy Whip Patrick McHenry (R, NC-10) introduced H.R. 1928, the Empowering Parents to Invest in Choice (EPIC) Act. This legislation enables parents to save for their children's education in tax-free savings accounts including the popular 529 savings accounts. Additionally this legislation would increase the contribution limits to Coverdell accounts.

"A good education beginning at an early age is a vital foundation for the success of our children," said Congressman McHenry. "Unfortunately rising costs have left these needed resources out of reach for many families. The EPIC Act would change that. By allowing parents to save tax-free via 529 accounts, this bill would allow children to attend the school of their choice and increase access to important resources like tutors, books, and special needs services. Our children's educations are so important for their success in life and this legislation empowers parents to invest in the tools their children need to thrive."

H.R. 1928 allows parents to use 529 saving accounts for certain K-12 expenses, including academic tutoring, special needs services, tuition and fees for schools, and books. It also increases the limit on contributions to Coverdell accounts from $2,000 to $15,000. 

529 plans are tax-advantaged investment trusts currently used to pay for higher-education expenses. Withdrawals from these savings plans are tax-free if they are used to pay for qualified higher education expenses. Payments to 529 accounts must be made in cash or check using after-tax dollars.

A Coverdell account is a tax-advantaged investment account that can be used to pay for higher-education expenses as well as elementary and secondary school expenses. Currently, these accounts are capped at $2,000.