Education Savings Account Act of 1983

Summary

Education Savings Account Act of 1983 - Amends the Internal Revenue Code to allow an income tax exclusion for cash contributions to a savings account established to pay the educational expenses (tuition, room and board) of the taxpayer's child at a vocational school or an institution of higher education. Limits the amount of such contributions to the excess of $1,000 over five percent (ten percent for married individuals filing separate returns) of the amount the adjusted gross income of the taxpayer exceeds $40,000 ($20,000 for married individuals filing separate returns) up to a maximum of $1,000 per year. Allows rollover contributions in specified circumstances. Exempts such an account from taxation unless it has ceased to be an educational savings account. Specifies tax penalties for the use of account funds for other than educational expenses. Allows amounts to be distributed from such an account without penalty if used to pay the medical expenses of the taxpayer's child. Provides that educational expenses do not include amounts paid for education at institutions found to be racially discriminatory. Allows the Attorney General to seek a declaratory judgment as to whether an educational institution follows racially discriminatory policies. Sets forth procedures for seeking such a declaratory judgment. Requires the Secretary of the Treasury to disclose to the Attorney General information concerning whether an educational institution is following racially discriminatory policies.

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1 official file

• Introduced in Senate

  summary · EN · 16 June 1983

  Open at official source

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