US Congress House Bill 8787 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on November 19 2020 - 25% progression, died in committee
Action: 2020-11-19 - Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

. 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 of taxpayers, spouses, children, and grandchildren. 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).

STAR Act of 2020 Student Aid and Tax Advantaged Accounts Reform Act of 2020

Rep. Debbie Lesko [R-AZ]

Date	Chamber	Action
2020-11-19	House	Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-11-19	House	Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-11-19	House	Introduced in House

SB2962 (Related) 2019-12-02 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/8787/all-info
Text	https://www.congress.gov/116/bills/hr8787/BILLS-116hr8787ih.pdf