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S 1790 115th Congress Senate Taxation Bank accounts, deposits, capital Disability and paralysis Employee benefits and pensions Higher education Income tax credits Income tax exclusion Student aid and college costs

Boost Saving for College Act

Introduced: September 12, 2017 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 12, 2017
Read twice and referred to the Committee on Finance.
Sep 12, 2017
Introduced in Senate
 Plain-English summary Congressional Research Service

Boost Saving for College Act

This bill amends the Internal Revenue Code to modify the tax treatment of qualified tuition programs (known as 529 plans).

The bill allows: (1) a nonrefundable tax credit for contributions of an individual to a 529 plan, and (2) an exclusion from the gross income of an employee of up to $1000 per year of employer contributions to a 529 plan.

The bill also permits savings from a 529 plan to be rolled over tax-free into: (1) a Roth Individual Retirement Account of the owner or the beneficiary of a 529 plan that has been maintained for 10 years, and (2) an ABLE account of the designated beneficiary of the 529 plan.

(Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.)

What's happening now September 12, 2017

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1 Republican 1