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United States · Bill · HR

H.R. 7053 (97th)

A bill to amend the Internal Revenue Code of 1954 to provide for individual education accounts, and for other purposes.

referredUnited States· United States Congress· EN

Introduced

19 August 1982

Last action

19 August 1982 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Williams, Pat [D-MT-At Large], Rep. Courter, Jim [R-NJ-12], Sen. Wyden, Ron [D-OR], Rep. Mitchell, Parren J. [D-MD-7], Rep. Corcoran, Tom [R-IL-14], Rep. Hughes, William J. [D-NJ-2], Rep. LeBoutillier, John [R-NY-6], Rep. Ratchford, William R. [D-CT-5], Rep. Rosenthal, Benjamin S. [D-NY-8], Rep. Mineta, Norman Y. [D-CA-15], Del. de Lugo, Ron [D-VI-At Large], Rep. Hertel, Dennis M. [D-MI-14]

Subjects

Taxation, Education

Source updated

7 February 2024

Taxation · Education

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to allow an income tax deduction for cash and other personal property contributions to a savings account created or organized exclusively for the purpose of paying the higher or vocational educational expenses of the taxpayer or the taxpayer's spouse, child, grandchild, or ward. Limits the amount of such deduction to $2,000 per year ($2,250 in the case of a joint return). Excludes such accounts from taxation. Excludes distributions from such accounts so long as such distributions are used to defray the beneficiary's tuition, fees, books and supplies, and reasonable living expenses. Specifies sanctions for the use of account funds for other than such educational expenses.

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

Timeline

  1. 19 August 1982

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 19 August 1982

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 19 August 1982

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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