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S 1817 100th Congress Senate

Education Savings Act of 1987

Official title: A bill to amend the Internal Revenue Code of 1986 to provide that gross income of an individual shall not include income from United States savings bonds which… Show full official titleShow less

Official title: A bill to amend the Internal Revenue Code of 1986 to provide that gross income of an individual shall not include income from United States savings bonds which are transferred to an educational institution as payment for tuition and fees.

Introduced: February 22, 1988 See on congress.gov
Taxation College costsEducationEducational financeGovernment publicity
More subjectsShow fewer subjects
Government records, documents, and informationHigher educationIncome taxInformation servicesSavings bondsSecurities and InvestmentsTax exclusionVocational and technical education
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This bill died when the 100th Congress ended
It never became law before the 100th Congress (1987–1988) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 15, 1988
Committee on Finance. Hearings held.
Oct 23, 1987
Read twice and referred to the Committee on Finance.
Oct 23, 1987
Introduced in Senate
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 Latest action March 15, 1988

Committee on Finance. Hearings held.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 1
  • HR 3570 Identical bill Education Savings Act of 1987
 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Grassley, Chuck
Iowa · Feb 22, 1988
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1817: Education Savings Act of 1987. 100th Congress. Open America. https://openamerica.io/bill/100-S-1817/
MLA
"S. 1817: Education Savings Act of 1987." 100th Congress, 2026, Open America, https://openamerica.io/bill/100-S-1817/.
Bluebook (legal)
S. 1817, 100th Cong. (2026), https://openamerica.io/bill/100-S-1817/.
Markdown link
[S. 1817: Education Savings Act of 1987](https://openamerica.io/bill/100-S-1817/)
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