To amend the Internal Revenue Code of 1986 to provide for the establishment of, and the deduction of contributions to, education savings accounts.

Summary

Amends the Internal Revenue Code to allow an individual income tax deduction for contributions to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of the taxpayer's child or certain other relatives at an institution of higher education or a vocational school. Limits the deduction to $2,000 annually (adjusted for inflation) for each account. Disallows the deduction for contributions to an account maintained for any individual aged 19 or older. Requires any account balance to be distributed after the beneficiary attains age 30. Imposes penalties for excess contributions or prohibited transactions associated with an account. Provides for an from annual contribution limitations for distributions from education savings accounts into individual retirement accounts. Excludes from gross income distributions from individual retirement accounts into education savings accounts.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 14 May 1997

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 14 May 1997

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 May 1997

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 14 May 1997 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 May 1997

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 14 May 1997

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 14 May 1997

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Gillmor, Paul E. [R-OH-5] · R · Sponsor
• Rep. Solomon, Gerald B. H. [R-NY-22] · R · Sponsor
• Rep. Livingston, Bob [R-LA-1] · R · Sponsor
• Rep. English, Phil [R-PA-3] · R · Sponsor
• Rep. Watts, J. C., Jr. [R-OK-4] · R · Sponsor
• Rep. King, Peter T. [R-NY-2] · R · Sponsor
• Rep. Canady, Charles T. [R-FL-12] · R · Sponsor
• Rep. Shays, Christopher [R-CT-4] · R · Sponsor
• Rep. Quinn, Jack [R-NY-27] · R · Sponsor
• Rep. McHugh, John M. [R-NY-23] · R · Sponsor
• Rep. Manzullo, Donald A. [R-IL-16] · R · Sponsor
• Rep. Doolittle, John T. [R-CA-4] · R · Sponsor
• Rep. Greenwood, James C. [R-PA-8] · R · Sponsor
• Rep. Norwood, Charles W. [R-GA-9] · R · Sponsor
• Rep. Kelly, Sue W. [R-NY-19] · R · Sponsor
• Rep. Granger, Kay [R-TX-12] · R · Sponsor
• Del. Underwood, Robert A. [D-GU-At Large] · D · Sponsor
• Del. Norton, Eleanor Holmes [D-DC-At Large] · D · Sponsor
• Rep. Ehlers, Vernon J. [R-MI-3] · R · Sponsor
• Rep. Knollenberg, Joe [R-MI-9] · R · Sponsor
• Del. Faleomavaega, Eni F. H. [D-AS-At Large] · D · Sponsor
• Rep. Bereuter, Doug [R-NE-1] · R · Sponsor
• Rep. Klug, Scott L. [R-WI-2] · R · Sponsor
• Rep. Skeen, Joe [R-NM-2] · R · Sponsor
• Rep. Sensenbrenner, F. James, Jr. [R-WI-5] · R · Sponsor
• Sen. Graham, Lindsey [R-SC] · R · Sponsor
• Rep. Schaffer, Bob [R-CO-4] · R · Sponsor
• Rep. Bilirakis, Michael [R-FL-9] · R · Sponsor
• · hswm00 · Standing

Related records

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