H.R.4790 - College Savings Bond Act of 1988100th Congress (1987-1988)
|Sponsor:||Rep. Duncan, John J. [R-TN-2] (Introduced 06/10/1988)|
|Committees:||House - Ways and Means|
|Latest Action:||11/10/1988 Provisions of Measure Incorporated Into H.R.4333. (All Actions)|
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Summary: H.R.4790 — 100th Congress (1987-1988)All Bill Information (Except Text)
Introduced in House (06/10/1988)
College Savings Bond Act of 1988 - Authorizes the Secretary of the Treasury to issue college savings bonds in the interest of encouraging long-term savings for postsecondary education.
Amends the Internal Revenue Code to exclude from the gross income of an individual any interest on college savings bonds to the extent these proceeds are used to pay the qualified educational expenses (tuition, fees, books, supplies, reasonable living expenses) of the taxpayer, spouse, child, or dependent at an institution of higher education, including a postsecondary vocational school. Decreases the permissible exclusion for taxpayers having adjusted gross income above $60,000, allowing no exclusion if income exceeds $80,000.