Education Savings Act of 1987

Summary

Education Savings Act of 1987 - Amends the Internal Revenue Code to permit an income tax exclusion to a taxpayer who transfers a qualified U.S. savings bond to an eligible institution of higher education or vocational school to pay the higher education expenses (tuition, fees, books, supplies, and equipment) of the taxpayer, spouse, or dependent. Excludes from gross income the lesser of: (1) the otherwise taxable amount involved in the transfer; or (2) the amount of the relevant higher education expenses. Phases out the permissible exclusion in the case of taxpayers having adjusted gross income of $75,000 or more, disallowing it entirely when income exceeds $150,000. Directs the Secretary of the Treasury to advise the general public of the program established by this Act. Amends Federal law to permit: (1) the type of transfer of U.S. savings bonds that would be necessary to effect the tax exclusions described in this Act; and (2) redemption of such bonds by recipient institutions.

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

Timeline

1. 28 October 1987

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 28 October 1987

   Introduced

   Introduced in House

   Source: IntroReferral

3. 28 October 1987

   Introduced

   Introduced in House

   Source: IntroReferral

4. 10 November 1988

   Committee

   Provisions of Measure Incorporated Into H.R.4333.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 28 October 1987

  Open at official source

Sponsors

• Rep. Rangel, Charles B. [D-NY-19] · D · Sponsor
• Rep. Frenzel, Bill [R-MN-3] · R · Sponsor
• Rep. Sharp, Philip R. [D-IN-10] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Technical and Miscellaneous Revenue Act of 1988
• related to ← Education Savings Act of 1987