A bill to amend the Internal Revenue Code of 1986 to exclude from gross income the interest on certain savings bonds used to pay college tuition expenses.

Summary

Amends the Internal Revenue Code to exclude from the gross income of an individual any interest received or accrued on U.S. college bonds to the extent such amount is used to pay the qualified tuition expenses (tuition, fees, books, supplies, and equipment) in connection with the post-secondary education of the taxpayer, spouse, or dependents at a qualified educational organization. Directs the Secretary of the Treasury to issue U.S. college bonds, a form of savings bond, having maturities varying at one-year intervals and bearing the statement that otherwise taxable amounts deriving from redemption of the bonds may be excluded from gross income when used to pay qualifying tuition expenses.

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Documents

1 official file

• Introduced in House

  summary · EN · 30 July 1987

  Open at official source

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