A bill to provide an income tax credit for savings for the payment of postsecondary educational expenses.

Summary

Amends the Internal Revenue Code to allow a credit against the income tax for 20 percent of the first $250 deposited for the taxpayer and of the first $250 deposited for each dependent in a special savings account maintained to meet the future higher education needs of a beneficiary not presently enrolled in an institution of higher education. Provides for recapture of tax credits from amounts expended from such accounts for noneducational purposes, and from amounts remaining in such accounts when the beneficiary attains the age of 25, or if enrolled in an institution of higher education at that time, when the beneficiary's enrollment terminates.

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Documents

1 official file

• Introduced in House

  summary · EN · 11 January 1977

  Open at official source

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