S 1787
103th Congress
Senate
Taxation
Charities
College costs
Cost of living adjustments
Economics and Public Finance
Education
Finance and Financial Sector
Gift tax
Government Operations and Politics
Government paperwork
Higher education
Income tax
Indexing (Economic policy)
Savings accounts
Tax exclusion
Tax exemption
Tax returns
Tax-exempt organizations
Trusts and trustees
A bill to amend the Internal Revenue Code of 1986 to provide for the tax-free treatment of education savings accounts established through certain State programs, and for other purposes.
Introduced: January 25, 1994
Introduced by:
McConnell, Mitch
Republican
· Kentucky
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 25, 1994
Read twice and referred to the Committee on Finance.
Jan 25, 1994
Introduced in Senate
Jan 25, 1994
Sponsor introductory remarks on measure. (CR S55)
Plain-English summary
Amends the Internal Revenue Code to exclude from gross income any qualified education savings account. Describes such account as a trust created pursuant to a State educational savings plan and used exclusively to pay the higher education expenses of the designated beneficiary.
Treats such State plans as tax-exempt organizations and treats contributions to such plans as charitable contributions.
Declares that contributions to such accounts are not subject to the gift tax.
Imposes penalty taxes in connection with reporting requirements or prohibited transactions associated with an account.
Excludes distributions from such accounts when determining support for dependents.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1