All Information (Except Text) for S.2962 - HELPER Act of 2019116th Congress (2019-2020) |
|Sponsor:||Sen. Paul, Rand [R-KY] (Introduced 12/02/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 12/02/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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- Passed House
- To President
- Became Law
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Short Titles - Senate
Short Titles as Introduced
HELPER Act of 2019
Higher Education Loan Payment and Enhanced Retirement Act of 2019
Actions Overview (1)
|12/02/2019||Introduced in Senate|
12/02/2019 Introduced in Senate
All Actions (1)
|12/02/2019||Read twice and referred to the Committee on Finance.|
Action By: Senate
12/02/2019 Read twice and referred to the Committee on Finance.
|Sen. Tillis, Thom [R-NC]||12/04/2019|
|Sen. Kennedy, John [R-LA]||12/04/2019|
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Finance||12/02/2019||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
Latest Summary (1)
Introduced in Senate (12/02/2019)
Higher Education Loan Payment and Enhanced Retirement Act of 2019 or the HELPER Act of 2019
This bill permits annual tax and penalty-free withdrawals of up to $5,250 from 401(k) plans for higher education expenses and penalty-free withdrawals from individual retirement accounts (IRAs) for student loan expenses.
The bill also excludes from gross income, for income tax purposes, distributions up to $5,250 from employer-sponsored student loan and tuition payment plans. It repeals the limitation on the deduction of interest on student loans and increases from $15,000 to $25,000 (adjusted for inflation) the maximum contribution amounts for certain tax-preferred retirement plans.
The bill allows employees an election to treat contributions to a 401(k) plan as Roth contributions (thus exempting withdrawals from such plans from tax at retirement).