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United States · Bill · S

S. 1817 (100th)

Education Savings Act of 1987

Original

openUnited States· United States Congress· EN

Introduced

23 October 1987

Last action

15 March 1988 · Committee

Status

Committee on Finance. Hearings held.

Sponsors

Sen. Kennedy, Edward M. [D-MA], Sen. Pell, Claiborne [D-RI], Sen. Stafford, Robert T. [R-VT], Sen. Mikulski, Barbara A. [D-MD], Sen. Burdick, Quentin N. [D-ND], Sen. Bentsen, Lloyd M. [D-TX], Sen. Moynihan, Daniel Patrick [D-NY], Rep. Adams, Brock [D-WA-7], Sen. Chafee, John H. [R-RI], Rep. Cochran, Thad [R-MS-4], Rep. Dodd, Christopher J. [D-CT-2], Sen. Hatch, Orrin G. [R-UT], Rep. Simon, Paul [D-IL-24], Sen. Thurmond, Strom [R-SC], Sen. Boren, David L. [D-OK], Rep. Kasten, Robert W., Jr. [R-WI-9], Sen. Sanford, Terry [D-NC], Sen. Wilson, Pete [R-CA], Sen. Weicker, Lowell P., Jr. [R-CT], Sen. Garn, E. J. (Jake) [R-UT], Sen. Kerry, John F. [D-MA], Sen. Chiles, Lawton [D-FL], Rep. Pressler, Larry [R-SD-1], Rep. Grassley, Chuck [R-IA-3], Sen. Graham, Bob [D-FL], Sen. Inouye, Daniel K. [D-HI], Sen. Bingaman, Jeff [D-NM], Sen. Danforth, John C. [R-MO], Sen. Daschle, Thomas A. [D-SD], Sen. Rockefeller, John D., IV [D-WV], Sen. Karnes, David K. [R-NE], Sen. DeConcini, Dennis [D-AZ], Sen. Heflin, Howell [D-AL], Sen. Trible, Paul S., Jr. [R-VA], Sen. Hecht, Chic [R-NV], Sen. Stevens, Ted [R-AK], Sen. Reid, Harry [D-NV], Sen. Bond, Christopher S. [R-MO], Sen. Durenberger, Dave [R-MN], Sen. Shelby, Richard C. [D-AL], Sen. Cranston, Alan [D-CA], Sen. Nickles, Don [R-OK], Sen. Matsunaga, Spark M. [D-HI], Rep. Baucus, Max [D-MT-1], Sen. Johnston, J. Bennett [D-LA], Sen. Warner, John [R-VA], Sen. Bumpers, Dale [D-AR], Sen. Lautenberg, Frank R. [D-NJ]

Subjects

Taxation, Education

Source updated

28 August 2025

Taxation · Education

Official sourceView documentsShare

Summary

Education Savings Act of 1987 - Amends the Internal Revenue Code to permit an income tax exclusion to a taxpayer who transfers a qualified U.S. savings bond to an eligible institution of higher education or vocational school to pay the higher education expenses (tuition, fees, books, supplies, and equipment) of the taxpayer, spouse, or dependent. Excludes from gross income the lesser of: (1) the otherwise taxable amount involved in the transfer; or (2) the amount of the relevant higher education expenses. Phases out the permissible exclusion in the case of taxpayers having adjusted gross income of $75,000 or more, disallowing it entirely when income exceeds $150,000. Directs the Secretary of the Treasury to advise the general public of the program established by this Act. Amends Federal law to permit: (1) the type of transfer of U.S. savings bonds that would be necessary to effect the tax exclusions described in this Act; and (2) redemption of such bonds by recipient institutions.

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

Timeline

  1. 23 October 1987

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 23 October 1987

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 15 March 1988

    Committee

    Committee on Finance. Hearings held.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

Sponsors

Showing 48 of 58 sponsors and actors.

Related records

Sources

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