Early Education Savings Program Act

HR 6272, the Early Education Savings Program Act, allows parents to use funds from tax-advantaged 529 college savings plans to cover child care costs for children under age 5. The bill amends the tax code to count licensed, center-based or family child care as a "qualified higher education expense" for 529 plan withdrawals. This directly affects parents saving for early childhood care using 529 plans, making it possible to pay for regular, licensed child care services (excluding care by relatives) with tax-advantaged savings. The change applies to expenses paid after the bill's enactment date.