S. 1817 (100th): Education Savings Act of 1987

Introduced:
Oct 23, 1987 (100th Congress, 1987–1988)
Status:
Died (Referred to Committee)
See Instead:

H.R. 3570 (same title)
Referred to Committee — Oct 28, 1987

Sponsor
Edward “Ted” Kennedy
Senator from Massachusetts
Party
Democrat
Related Bills
H.R. 3570 (identical)

Referred to Committee
Last Action: Oct 28, 1987

 
Status

This bill was introduced on October 23, 1987, in a previous session of Congress, but was not enacted.

Progress
Introduced Oct 23, 1987
Referred to Committee Oct 23, 1987
 
Full Title

A bill to amend the Internal Revenue Code of 1986 to provide that gross income of an individual shall not include income from United States savings bonds which are transferred to an educational institution as payment for tuition and fees.

Summary

No summaries available.

Cosponsors
55 cosponsors (35D, 20R) (show)
Committees

Senate Finance

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

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.


10/23/1987--Introduced.
Education Savings Act of 1987 - Amends the Internal Revenue Code to permit an income tax exclusion to a taxpayer who transfers a qualified U.S. savings bond to an eligible institution of higher education or vocational school to pay the higher education expenses (tuition, fees, books, supplies, and equipment) of the taxpayer, spouse, or dependent.
Excludes from gross income the lesser of:
(1) the otherwise taxable amount involved in the transfer; or
(2) the amount of the relevant higher education expenses.
Phases out the permissible exclusion in the case of taxpayers having adjusted gross income of $75,000 or more, disallowing it entirely when income exceeds $150,000.
Directs the Secretary of the Treasury to advise the general public of the program established by this Act. Amends Federal law to permit:
(1) the type of transfer of U.S. savings bonds that would be necessary to effect the tax exclusions described in this Act; and
(2) redemption of such bonds by recipient institutions.

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

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