S.2869 - Boost Saving for College Act114th Congress (2015-2016)
|Sponsor:||Sen. Burr, Richard [R-NC] (Introduced 04/28/2016)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 04/28/2016 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.2869 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (04/28/2016)
Boost Saving for College Act
This bill amends the Internal Revenue Code to modify the tax treatment of qualified tuition programs (known as 529 plans).
The bill allows: (1) a nonrefundable tax credit for contributions of an individual to a 529 plan, and (2) an exclusion from the gross income of an employee of up to $1000 per year of employer contributions to a 529 plan.
The bill also permits savings from a 529 plan to be rolled over tax-free into: (1) a Roth Individual Retirement Account of the owner or the beneficiary of a 529 plan that has been maintained for 10 years, and (2) an ABLE account of the designated beneficiary of the 529 plan.
(Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.)