This week, GOAL participated on a call in which Treasury Department officials provided a preview of forthcoming guidance that offers additional clarity on how the program is expected to operate.
Key Updates:
- Treasury indicated that proposed regulations are expected no later than the end of September and may be relied upon for tax year 2027
- Treasury discussed potential approaches for verifying student eligibility and household income, as well as opportunities to leverage existing verification processes and third-party resources.
- Treasury also outlined preliminary concepts related to donor reporting and program administration, with additional details expected in future guidance.
- Several stakeholder questions remain under consideration, and Treasury indicated that further clarification will be provided through the proposed regulations.
- We will continue monitoring developments closely and will share additional updates as regulations are released.
*Note: The question was asked, but not answered, as to whether a married couple will be able to contribute $3,400 as opposed to $1,700. We will likely need to wait for the regulations to be released before we know the answer to this question.
For more details on the Treasury regulations preview, please find the remarks here and a fact sheet here.
GOAL continues to move forward in operational and system development while also planning to submit additional commentary to Treasury.
We will continue monitoring developments closely and will share additional updates as regulations are released.