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S 1787 103th Congress Senate

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
Taxation CharitiesCollege costsCost of living adjustmentsEconomics and Public Finance
More subjectsShow fewer subjects
EducationFinance and Financial SectorGift taxGovernment Operations and PoliticsGovernment paperworkHigher educationIncome taxIndexing (Economic policy)Savings accountsTax exclusionTax exemptionTax returnsTax-exempt organizationsTrusts and trustees
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This bill died when the 103rd Congress ended
It never became law before the 103rd Congress (1993–1994) 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
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)
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 Latest action January 25, 1994

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 1787: 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.. 103rd Congress. Open America. https://openamerica.io/bill/103-S-1787/
MLA
"S. 1787: 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.." 103rd Congress, 2026, Open America, https://openamerica.io/bill/103-S-1787/.
Bluebook (legal)
S. 1787, 103rd Cong. (2026), https://openamerica.io/bill/103-S-1787/.
Markdown link
[S. 1787: 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.](https://openamerica.io/bill/103-S-1787/)
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