[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8710 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8710

  To amend the Internal Revenue Code of 1986 to allow a deduction for 
                   amounts contributed to a 529 plan.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 12, 2024

  Mr. Gottheimer (for himself and Mr. James) introduced the following 
      bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to allow a deduction for 
                   amounts contributed to a 529 plan.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. DEDUCTION FOR CONTRIBUTIONS TO 529 PLAN.

    (a) In General.--Section 529 of the Internal Revenue Code of 1986 
is amended by redesignating subsection (f) as subsection (g) and by 
inserting after subsection (e) the following new subsection:
    ``(f) Deduction for Contributions.--
            ``(1) In general.--In the case of an eligible individual, 
        there shall be allowed as a deduction for the taxable year an 
        amount equal to so much of the sum of the aggregate 
        contributions made to a qualified tuition program as does not 
        exceed $10,000.
            ``(2) Eligible individual.--For purposes of this 
        subsection, the term `eligible individual' means an individual 
        whose adjusted gross income for the taxable year does not 
        exceed $200,000.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to amounts contributed after the date of the enactment of this 
Act.
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