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United States · Bill · S

S. 16 (98th)

A bill to amend the Internal Revenue Code of 1954 to provide for the establishment of, and the deduction of contributions to, education savings accounts.

openUnited States· United States Congress· EN

Introduced

26 January 1983

Last action

31 January 1983 · Committee

Status

Committee on Finance requested executive comment from OMB, Treasury Department.

Sponsors

Sen. Dole, Robert J. [R-KS], Sen. Long, Russell B. [D-LA], Sen. Bentsen, Lloyd M. [D-TX], Sen. Thurmond, Strom [R-SC], Sen. Garn, E. J. (Jake) [R-UT], Sen. Kasten, Robert W., Jr. [R-WI], Sen. Cochran, Thad [R-MS], Sen. Lugar, Richard G. [R-IN], Sen. Grassley, Chuck [R-IA], Sen. Warner, John [R-VA]

Subjects

Taxation, Education

Source updated

3 January 2025

Taxation · Education

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for contributions to a savings account established to pay the educational expenses (tuition, supplies, meals and lodging) of such taxpayer or the taxpayer's child at an institution of higher education or a vocational school. Limits the amount of such deduction to $750 (adjusted for inflation) for each account per year, up to a maximum of $3,000 for all accounts that are established. Specifies that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Permits the deferral of income tax on income accumulated in such educational savings accounts as long as such amounts are used exclusively for educational expenses. Specifies penalties for the use of account funds for other than educational purposes. Excludes from the gross income of account beneficiaries any distributions from the account made on their behalf which are used for educational expenses.

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

Timeline

  1. 26 January 1983

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 26 January 1983

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 31 January 1983

    Committee

    Committee on Finance requested executive comment from OMB, Treasury Department.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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