Boost Saving for College Act

Summary

Boost Saving for College Act This bill amends the Internal Revenue Code to modify the tax treatment of qualified tuition programs (known as 529 plans). The bill allows: (1) a nonrefundable tax credit for contributions of an individual to a 529 plan, and (2) an exclusion from the gross income of an employee of up to $1000 per year of employer contributions to a 529 plan. The bill also permits savings from a 529 plan to be rolled over tax-free into: (1) a Roth Individual Retirement Account of the owner or the beneficiary of a 529 plan that has been maintained for 10 years, and (2) an ABLE account of the designated beneficiary of the 529 plan. (Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.)

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Timeline

1. 12 September 2017

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 12 September 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 12 September 2017 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 12 September 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 September 2017

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 12 September 2017

  Open at official source

Sponsors

• Sen. Burr, Richard [R-NC] · R · Sponsor
• Sen. Casey, Robert P., Jr. [D-PA] · D · Sponsor
• Lisa Murkowski · R · Sponsor
• Jeff Merkley · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to ← Boost Saving for College Act