US Congress Senate Bill 2869 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on April 28 2016 - 25% progression, died in committee
Action: 2016-04-28 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.)

Boost Saving for College Act

Sen. Richard Burr [R-NC]	Sen. Robert Casey [D-PA]	Sen. Lisa Murkowski [R-AK]	Sen. Kelly Ayotte [R-NH]
Sen. Christopher Murphy [D-CT]	Sen. Richard Blumenthal [D-CT]

Date	Chamber	Action
2016-04-28	Senate	Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/2869/all-info
Text	https://www.congress.gov/114/bills/s2869/BILLS-114s2869is.pdf