S.1790 - Boost Saving for College Act115th Congress (2017-2018) |
|Sponsor:||Sen. Burr, Richard [R-NC] (Introduced 09/12/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 09/12/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1790 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (09/12/2017)
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.)