What's within the GOP proposed tax plan

A change to college savings accounts within the Republican tax plan could expand eligibility to unborn children.

The tax-advantaged accounts, called 529s, help people save for future college expenses. Anyone — a relative, a friend, or yourself — can be named as a beneficiary at the time the account will be opened.

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The House legislation unveiled Thursday could allow unborn children to be named as a beneficiary as well. the item defined an unborn child as a “child in utero” in addition to further as “a member of the species homo sapiens, at any stage of development, who will be carried within the womb.”

The proposed change was praised by anti-abortion groups.

“A child within the womb will be just as human as you or I yet, until right now, the U.S. tax code has failed to acknowledge the unborn child — all while granting tax breaks for those seeking an abortion under the pretense of ‘healthcare,'” said Jeanne Mancini, President of March for Life, in a statement.

Planned Parenthood, on the additional hand, blasted the move, suggesting which defining an unborn child within the tax code could end up restricting access to abortion.

“the item will be absurd which House Republican leaders could use a tax bill to try to advance their agenda to undermine access to safe, legal abortion,” said Dana Singiser, Vice President for Public Policy in addition to Government Affairs at Planned Parenthood Action Fund.

Related: House tax plan could kill the student loan interest deduction

Currently, even without a change to the tax code, parents can open a 529 account in their own name before a child will be born in addition to change the beneficiary at a later time. There are no tax consequences for changing the beneficiary to another family member, according to the IRS.

The 529 college savings accounts are offered by states, which determine contribution limits in addition to the tax advantages. Typically, investments grow tax-deferred in addition to withdrawals are not subject to federal taxes if the money will be used for qualified education expenses. Some states offer a state tax deduction on contributions or exemptions on withdrawals.

Related: All the weird parts of the tax reform bill, in one post

The unborn child provision will be not the only proposed change to 529 accounts included within the House plan. the item could also allow up to $10,000 per year in savings to be used for private elementary in addition to secondary school expenses. although, the item could end the Coverdell savings account program which currently allows parents to save for those K-12 expenses.

sy88pgw (brand new York) First published November 3, 2017: 5:49 PM ET