Jump to content
Sign in to follow this  
Matt

Passed: Higher Education Savings Act

Recommended Posts

Posted (edited)
Quote

IN THE HOUSE OF REPRESENTATIVES

 

Mr. Seymour (for himself, Mr. Tilsley, Mr. Augustus King, Ms. Peterson,  Mr. Blackstone, Mr. Clay, Ms. DuBois-Granger, and Mr. Krol, with thanks to Mr. Kennedy) introduced the following bill;

A BILL

 

To increase access and affordability of higher education through tax savings incentives.

 

 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

 
SECTION 1. SHORT TITLE.

This Act may be cited as the “Higher Education Savings Act”.

 

SECTION 2. TAX EXCLUSION FOR HIGHER EDUCATION EXPENSES.

(a) The Internal Revenue Code is hereby amended 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 higher education expenses of the taxpayer, spouse, or dependent.

(b) The income tax exclusion established under subsection (a) of this section shall be the lesser of:

(i) the otherwise taxable amount involved in the transfer; or

(ii) the amount of the higher education expenses.

(c) "Higher education expenses" are defined as tuition, fees, books, supplies, and equipment costs that are associated with attendance of an eligible institution of higher education or vocational school.

 

SECTION 3. INFORMING THE PUBLIC OF EXCLUSION.

The Secretary of the Treasury shall advise the general public of the establishment of the tax exclusion for higher education expenses, established under this Act.

 

SECTION 4. CONFORMING CHANGES.

(a) The Secretary of the Treasury shall ensure that the type of transfer of U.S. savings bonds that would be necessary to effect the tax exclusions described in this act are hereby authorized and permitted.

(b) The Secretary of the Treasury shall ensure that the redemption of such bonds into cash by recipient eligible institutions of higher education and vocational schools are hereby authorized and permitted.

 

Section 2 et seq.

 

48 hours for debate

Edited by Brady

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

×

Important Information

By using this site, you agree to our Terms of Use.