Higher Education Access and Affordability Act of 1997

Summary

Higher Education Access and Affordability Act of 1997 - Amends the Internal Revenue Code to exclude from gross income distributions from a qualified State tuition program used for qualified higher education expenses (including room and board). (Sec. 3) Makes the employer-provided educational assistance program exclusion permanent. (Sec. 4) Establishes an income-based deduction of up to $2,500 per year for certain qualified higher education loan interest paid for a taxpayer, spouse, or dependent. Allows such deduction whether or not the taxpayer itemizes deductions. Sets forth reporting requirements. (Sec. 5) Allows penalty-free early withdrawals from individual retirement plans for higher education expenses of the taxpayer, spouse, child, grandchild, or ancestor of the taxpayer or spouse. (Sec. 6) Establishes nontaxable education investment accounts which shall permit annual contributions of not more than $1,500 for the account holder's qualified higher education costs. Subjects account distributions used for nonqualifying purposes to taxation, including an additional ten percent tax. Sets forth related reporting requirements.

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

Timeline

1. 15 May 1997

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 15 May 1997

   Introduced

   Sponsor introductory remarks on measure. (CR E940)

   Source: IntroReferral

3. 15 May 1997

   Introduced

   Introduced in House

   Source: IntroReferral

4. 15 May 1997

   Introduced

   Introduced in House

   Source: IntroReferral

5. 5 August 1997

   Committee

   See H.R.2014.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 15 May 1997 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 May 1997

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 15 May 1997

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 15 May 1997

  Open at official source

Sponsors

• Rep. Johnson, Nancy L. [R-CT-6] · R · Sponsor
• Rep. Shays, Christopher [R-CT-4] · R · Sponsor
• Rep. Camp, Dave [R-MI-4] · R · Sponsor
• Rep. English, Phil [R-PA-3] · R · Sponsor
• Rep. McCrery, Jim [R-LA-4] · R · Sponsor
• Rep. Morella, Constance A. [R-MD-8] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Taxpayer Relief Act of 1997