Summary: H.R.3064 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for H.R.3064. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (07/30/1987)

Amends the Internal Revenue Code to exclude from the gross income of an individual any interest received or accrued on U.S. college bonds to the extent such amount is used to pay the qualified tuition expenses (tuition, fees, books, supplies, and equipment) in connection with the post-secondary education of the taxpayer, spouse, or dependents at a qualified educational organization.

Directs the Secretary of the Treasury to issue U.S. college bonds, a form of savings bond, having maturities varying at one-year intervals and bearing the statement that otherwise taxable amounts deriving from redemption of the bonds may be excluded from gross income when used to pay qualifying tuition expenses.