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S 1817 100th Congress Senate Taxation College costs Education Educational finance Government publicity Government records, documents, and information Higher education Income tax Information services Savings bonds Securities and Investments Tax exclusion Vocational and technical education

Education Savings Act of 1987

Introduced: October 23, 1987 See on congress.gov
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 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
 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.

What's happening now March 15, 1988

Committee on Finance. Hearings held.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1