H.R.5203 - Education Savings and School Excellence Permanence Act of 2002107th Congress (2001-2002)
|Sponsor:||Rep. Hulshof, Kenny C. [R-MO-9] (Introduced 07/24/2002)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 09/04/2002 On motion to suspend the rules and pass the bill, as amended Failed by the Yeas and Nays: (2/3 required): 213 - 188 (Roll no. 371). (All Actions)|
|Roll Call Votes:||There has been 1 roll call vote|
This bill has the status Failed House
Here are the steps for Status of Legislation:
- Failed House
Summary: H.R.5203 — 107th Congress (2001-2002)All Information (Except Text)
Education Savings and School Excellence Performance Act of 2002 - Makes the sunset provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 inapplicable to provisions of such Act relating to education savings incentives, thus making those provisions permanent.
Failed of passage in House (09/04/2002)
Amends the Internal Revenue Code to provide for tax-free expenditures from education savings accounts for elementary and secondary education expenses at home schools (currently the Code provides for tax-free treatment of expenses at public, private, and religious schools only).
Permits an exemption to the tax increase assessed to an individual for receiving a payment or distribution from an education individual retirement account which is includible in gross income if the payment or distribution is made on account of attendance of the account holder at a U.S. Military Academy. States that the exemption shall only apply to the extent that the amount of the payment or distribution does not exceed the costs of advanced education attributable to such attendance.