To amend the Internal Revenue Code of 1986 to allow the establishment of individual training accounts.

Summary

Amends the Internal Revenue Code to allow both itemizers and nonitemizers a deduction of up to $2,000 annually (up to a total accumulated limit of $12,000) for amounts paid into a tax-exempt individual training account. Excludes qualified training distributions from gross income. Permits qualified training distributions to be used by certain workers for tuition, fees, books, supplies, and equipment required at an eligible educational institution.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 22 March 1996

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• Introduced in House (PDF)

  Introduced in House · EN · 22 March 1996

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• Introduced in House

  summary · EN · 22 March 1996

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