A bill to provide an income tax credit for savings for the payment of post-secondary educational expenses.

Summary

Provides for a credit under the Internal Revenue Code for 20 percent of the amounts deposited by the taxpayer in an educational savings plan for himself or a dependent. Sets limitations on the amount of such credit, dependent upon the nature of the account. Defines "educational savings plan" and other terms used in this Act. Provides for the recapture of any such credit allocable to nonqualified noneducational uses or for failure to use the account. (Adds 26 U.S.C. 42)

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Timeline

1. 20 November 1974

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 20 November 1974

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in Senate

  summary · EN · 20 November 1974

  Open at official source

Sponsors

• Sen. Bentsen, Lloyd M. [D-TX] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → A bill to provide an income tax credit for savings for the payment of post-secondary educational expenses.