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A bill to amend the Internal Revenue Code of 1986 to improve college savings under section 529 programs, and for other purposes.

USA115th CongressS-1790| Senate 
| Updated: 9/12/2017
Richard Burr

Richard Burr

Republican Senator

North Carolina

Cosponsors (3)
Robert P. Casey (Democratic)Jeff Merkley (Democratic)Lisa Murkowski (Republican)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.)
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Timeline
Sep 12, 2017
Introduced in Senate
Sep 12, 2017
Read twice and referred to the Committee on Finance.
  • September 12, 2017
    Introduced in Senate


  • September 12, 2017
    Read twice and referred to the Committee on Finance.

Taxation

Bank accounts, deposits, capitalDisability and paralysisEmployee benefits and pensionsHigher educationIncome tax creditsIncome tax exclusionStudent aid and college costs

A bill to amend the Internal Revenue Code of 1986 to improve college savings under section 529 programs, and for other purposes.

USA115th CongressS-1790| Senate 
| Updated: 9/12/2017
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.)
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Sep 12, 2017
Introduced in Senate
Sep 12, 2017
Read twice and referred to the Committee on Finance.
  • September 12, 2017
    Introduced in Senate


  • September 12, 2017
    Read twice and referred to the Committee on Finance.
Richard Burr

Richard Burr

Republican Senator

North Carolina

Cosponsors (3)
Robert P. Casey (Democratic)Jeff Merkley (Democratic)Lisa Murkowski (Republican)

Finance Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Bank accounts, deposits, capitalDisability and paralysisEmployee benefits and pensionsHigher educationIncome tax creditsIncome tax exclusionStudent aid and college costs