A bill to amend the Internal Revenue Code of 1986 to provide for the tax-free treatment of education savings accounts established through certain State programs, and for other purposes.

Summary

Amends the Internal Revenue Code to exclude from gross income any qualified education savings account. Describes such account as a trust created pursuant to a State educational savings plan and used exclusively to pay the higher education expenses of the designated beneficiary. Treats such State plans as tax-exempt organizations and treats contributions to such plans as charitable contributions. Declares that contributions to such accounts are not subject to the gift tax. Imposes penalty taxes in connection with reporting requirements or prohibited transactions associated with an account. Excludes distributions from such accounts when determining support for dependents.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

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

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 January 1994

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 January 1994

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 January 1994

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.