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HR 3897 103th Congress House Taxation College costs Education Educational finance Excise tax Finance and Financial Sector Government Operations and Politics Government paperwork Higher education Income tax Labor and Employment Savings accounts Tax deductions Tax exclusion Tax penalties Trusts and trustees Vocational and technical education

Higher Education Accumulation Program Act of 1994

Introduced: February 24, 1994 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 2, 1994
Sponsor introductory remarks on measure. (CR E299)
Feb 24, 1994
Referred to the House Committee on Ways and Means.
Feb 24, 1994
Introduced in House
 Plain-English summary Congressional Research Service

Higher Education Accumulation Program Act of 1994 - Amends the Internal Revenue Code to allow a deduction for amounts paid to a Higher Education Accumulation Program (HEAP) account established to accumulate funds to pay the educational expenses of a child of the taxpayer.

Declares such accounts exempt from tax. Allows the deduction in arriving at adjusted gross income. Imposes an excise tax on excess contributions and prohibited transactions. Imposes a penalty for failure to meet reporting requirements.

What's happening now March 2, 1994

Sponsor introductory remarks on measure. (CR E299)

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1