Securing Affordable Vocational and Collegiate Education (SAVE) Act of 2005

The Securing Affordable Vocational and Collegiate Education (SAVE) Act of 2005 (H.R. 2994) was designed to make permanent the tax benefits for 529 qualified tuition programs, which were originally set to expire under previous legislation. The bill proposed allowing individuals to deduct up to $5,000 (or $10,000 for married couples filing jointly) from their gross income for contributions made to these education savings accounts. If enacted, the bill would have provided ongoing tax relief to families saving for higher education or vocational training by lowering their taxable income.