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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (3)

Short Titles

Short Titles - Senate

Short Titles as Introduced

HELPER Act of 2019
Higher Education Loan Payment and Enhanced Retirement Act of 2019

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to permit withdrawals from certain retirement plans for repayment of student loan debt, and for other purposes.

Actions Overview (1)

12/02/2019Introduced in Senate

All Actions (1)

12/02/2019Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (2)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Tillis, Thom [R-NC] 12/04/2019
Sen. Kennedy, John [R-LA] 12/04/2019

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance12/02/2019 Referred to

As of 01/27/2020 no related bill information has been received for S.2962 - HELPER Act of 2019

Subjects (1)

Latest Summary (1)

There is one summary for S.2962. View summaries

Shown Here:
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).