H.R. 1308 (107th): Education Savings and School Excellence Act of 2001

Introduced:
Mar 29, 2001 (107th Congress, 2001–2002)
Sponsor:
Rep. Kenny Hulshof [R-MO9]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

(About Ads | Advertise Here)
Status

This bill was introduced on March 29, 2001, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 29, 2001
Cosponsors
7 cosponsors (6R, 1D) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to allow tax-free expenditures from education individual retirement accounts for elementary and secondary school expenses, to increase the maximum annual amount of contributions to such accounts, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Mar 29, 2001.
26 pages

Primary Source

View on THOMAS (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.

Citation

Click a format for a citation suggestion:

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/29/2001--Introduced.
Education Savings and School Excellence Act of 2001 - Amends the Internal Revenue Code with respect to education individual retirement accounts (education IRAs) to: (1) increase maximum annual contribution limits to $2,000 per beneficiary; (2) permit tax-free expenditures for qualified elementary and secondary education expenses at a public, private, or religious school; (3) waive age limitations for contributions on behalf of a special needs beneficiary; (4) limit contribution reductions based on adjusted gross income to individual contributors (permits entity contributions regardless of income); (5) permit annual contributions to be made up to such year's tax filing date (not including extensions); (6) exempt excess contributions from the additional ten percent tax provided such contribution and interest earned are returned within six months after the end of the tax year for which the contribution was made; and (7) coordinate education IRA distributions with the HOPE and Lifetime Earning Credit qualified tuition programs.
Collegiate Learning and Student Savings (CLASS) Act - Permits private higher educational institutions, in addition to currently permitted State institutions, to establish qualified tuition programs. Excludes from gross income such program distributions used for qualified higher education expenses.
Provides that one rollover per year of amounts from one qualified tuition program to another for the benefit of the same beneficiary shall not be considered a distribution.
Includes first cousins as family members for purposes of qualified tuition programs.
Revises the definition of "qualified higher education expenses," including the exclusion of sport- or hobby-related courses unless taken as part of a degree program or to improve job skills.
Makes the exclusion from gross income of employer provided educational assistance permanent.
Repeals the current dollar limitation on the deduction for interest on educational loans provision and replace it with a limitation on such deduction based on modified adjusted gross income. Repeals the 60-month limitation period on the allowance of the interest deduction on such loans.
Eliminates the two percent floor on miscellaneous itemized deductions for the qualified professional development expenses of elementary and secondary school teachers.
Excludes from gross income certain amounts received under the National Health Corps Scholarship Program, the Armed Forces Health Professions Scholarship and Financial Assistance Program, the National Institutes of Health Undergraduate Scholarship Program, or similar State program.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 10 U.S.C. Chapter 105