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Also tagged in: Bank accounts, Congress, Education, Finance, Higher education, Home ownership, Housing, Housing finance, Income tax, Individual retirement accounts, Law, Names, Pensions, Sunset legislation, Tax exclusion, Taxation, Trusts and trustees
Latest Action: 04/16/2007 - Sponsor introductory remarks on measure. (CR H3384) Bill TextTo amend the Internal Revenue Code of 1986 to improve and expand education savings accounts. 1/4/2007--Introduced. 401Kids Family Savings Act of 2007 - Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to extend through 2015 provisions allowing increased annual contributions to Coverdell education savings accounts. Amends the Internal Revenue Code to: (1) allow tax-free distributions from a Coverdell education savings account for first-time homebuyer expenses; (2) permit rollovers from Coverdell education savings accounts to Roth individual retirement accounts (Roth IRAs); and (3) rename Coverdell education savings accounts as 401Kids Savings Accounts.
Also tagged in: College costs, Congress, Education, Higher education, Income tax, Sunset legislation, Tax deductions, Tax exemption, Tax penalties, Tax returns, Taxation
Latest Action: 01/16/2007 - Sponsor introductory remarks on measure. (CR S572-573) Bill TextA bill to amend the Internal Revenue Code of 1986 to permanently increase the maximum annual contribution allowed to be made to Coverdell education savings accounts, and to provide for a deduction for contributions to education savings accounts. 1/4/2007--Introduced. College Savings Act of 2007 - Amends the Internal Revenue Code to: (1) increase the maximum annual contribution limit for Coverdell education savings accounts from $2,000 to $5,000 and make such increase permanent; and (2) allow a tax deduction up to $5,000 for contributions to an education savings account.
Also tagged in: College costs, Congress, Congressional reporting requirements, Education, Education of the disadvantaged, Employee benefit plans, Governmental investigations, Higher education, Income tax, Labor, Tax credits, Tax exclusion, Tax exemption, Taxation, Welfare
Latest Action: 01/16/2007 - Sponsor introductory remarks on measure. (CR S572-573) Bill TextA bill to amend the Internal Revenue Code of 1986 to establish a program demonstrating multiple approaches to Lifelong Learning Accounts, which are portable, worker-owned savings accounts that can be used by workers to help finance education, training, and apprenticeships and which are intended to supplement both public and employer-provided education and training resources, and for other purposes. 1/4/2007--Introduced. Lifelong Learning Accounts Act of 2007 - Amends the Internal Revenue Code to: (1) establish a tax-exempt lifelong learning account for the payment of certain employee higher education and training expenses; (2) allow individuals a nonrefundable tax credit for contributions to such accounts; and (3) allow employers a business-related tax credit for contributions to such accounts. Directs the Secretary of the Treasury to study and report to Congress on such accounts and the tax credits enacted by this Act.
Latest Action: 01/16/2007 - Sponsor introductory remarks on measure. (CR S572-573) Bill TextA bill to permanently increase the maximum annual contribution allowed to be made to Coverdell education savings accounts. 1/4/2007--Introduced. Education Savings for Students Act of 2007 - Amends the Internal Revenue Code to increase the maximum annual contribution limit for Coverdell education savings accounts from $2,000 to $5,000 and make such increase permanent.
Also tagged in: Armed forces, Defense policy, Education, Families, Health policy, Higher education, Income tax, Individual retirement accounts, Medical care, Medical savings accounts, Military dependents, Pensions, Survivors' benefits, Tax exclusion, Taxation, Veterans, Veterans' benefits
Latest Action: 01/11/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to permit military death gratuities to be contributed to certain tax-favored accounts. 1/11/2007--Introduced. Amends the Internal Revenue Code to allow tax free rollovers of military death gratuities to Roth individual retirement accounts, health savings and Archer medical savings accounts, and Coverdell education savings accounts.
Also tagged in: Budgets, Congress, Education, Employee benefit plans, Federal aid to education, Higher education, Income tax, Interest, Labor, Scholarships, Student loan funds, Sunset legislation, Tax deductions, Tax exclusion, Taxation
Latest Action: 01/31/2007 - Sponsor introductory remarks on measure. (CR S1430-1431) Bill TextA bill to provide an increase in funding for Federal Pell Grants, to amend the Internal Revenue Code of 1986 in order to expand the deduction for interest paid on student loans, raise the contribution limits for Coverdell Education Savings Accounts, and make the exclusion for employer provided educational assistance permanent, and for other purposes. 1/31/2007--Introduced. Improving Access to Higher Education Act of 2007 - Amends the Higher Education Act of 1965 to increase the maximum Pell Grant award to $5,100 for the 2007-2008 academic year. Raises the minimum Pell Grant award from $400 to $500. Amends the Internal Revenue Code to raise: (1) the maximum student loan interest deduction to $3,750; and (2) the modified adjusted gross income level where such deduction begins to be phased-out. Exempts from the sunset provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA): (1) the elimination of the 60-month limit on the period of such [...] show full description
Also tagged in: Armed forces, Armed forces reserves, Business, College costs, Defense policy, Earned income tax credit, Education, Health policy, Higher education, Income tax, Individual retirement accounts, Iraq compilation, Labor, Medical care, Medical savings accounts, Military pay, Military personnel, Pensions, Replacement workers, Self-employed, Small business, Survivors' benefits, Tax credits, Tax deductions, Tax exclusion, Tax penalties, Taxation, Temporary employment, Wages, Welfare, Withholding tax
Latest Action: 01/31/2007 - Sponsor introductory remarks on measure. (CR S1431) Bill TextA bill to amend the internal Revenue Code of 1986 to provide tax relief to active duty military personnel and employers who assist them, and for other purposes. 1/31/2007--Introduced. Active Duty Military Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) allow certain small business owners (with 100 or fewer employees) and self-employed individuals a tax credit for wages paid to members of the Ready Reserve of the Armed Forces and to temporary replacement employees for such members while on active military duty; (2) treat differential wage payments made to members of the Ready Reserve as earned income for tax withholding and retirement plan purposes; (3) allow the rollover of military death gratuities to individual retirement accounts, health savings accounts, Archer medical savings accounts, and education savings accounts; (4) increase the standard tax deduction by $1,000 in 2007 and 2008 for members of the uniformed services on active duty for more than 30 [...] show full description
Latest Action: 01/19/2007 - Sponsor introductory remarks on measure. (CR E154) Bill TextTo amend the Internal Revenue Code of 1986 to increase the annual contribution limit to Coverdell education savings accounts, and for other purposes. 1/19/2007--Introduced. Student Financial Readiness Act of 2007 - Amends the Internal Revenue Code to: (1) increase from $2,000 to $5,000 the annual contribution limit to Coverdell education savings accounts; (2) adjust such contribution limit for inflation after 2007; and (3) prohibit contributions by individuals whose modified adjusted gross income exceeds $150,000 ($300,000 for married couples filing joint tax returns).
Also tagged in: Cost of living adjustments, Economic policy, Education, Food, Food stamps, Higher education, Indexing (Economic policy), Individual retirement accounts, Pensions, Welfare, Welfare eligibility
Latest Action: 02/14/2007 - Sponsor introductory remarks on measure. (CR S1970-1971) Bill TextA bill to amend the Food Stamp Act of 1977 to adjust for inflation the allowable amounts of financial resources of eligible households and to exclude from countable financial resources certain retirement and education accounts. 2/14/2007--Introduced. Food Stamp Personal Savings and Investment Act of 2007 - Amends the Food Stamp Act of 1977 to provide an annual financial resource inflation adjustment for purposes of household food stamp program eligibility. Excludes from countable financial resources specified retirement and education accounts. (Authorizes the exclusion of other such programs.)
Also tagged in: Administrative procedure, Budgets, Children, Civil liberties, College costs, Computer matching, Computer security measures, Congressional reporting requirements, Department of Education, Dislocated workers, Economic policy, Education, Education of the disadvantaged, Electronic data interchange, Electronic government information, Elementary and secondary education, Executive departments, Families, Federal advisory bodies, Federal aid to education, Foster home care, Government information, Government lending, Government paperwork, Government publicity, Governmental investigations, Higher education, Identification devices, Income, Income tax, Internet, Labor, Law, Right of privacy, Scholarships, Secondary education, State and local government, Student aid, Student employment, Student loan funds, Students, Tax returns, Taxation, Technology, Telecommunication, Telephone, Welfare, Welfare eligibility
Latest Action: 03/20/2007 - Sponsor introductory remarks on measure. (CR S3383-3384) Bill TextA bill to amend the Higher Education Act of 1965 to simplify and improve the process of applying for student assistance, and for other purposes. 3/20/2007--Introduced. Financial Aid Form Simplification and Access Act - Amends the Higher Education Act of 1965 to revise the process of applying for student assistance. Revises requirements for the simplified needs test to take into account dislocated workers and recipients of means-tested federal benefits. Directs the Secretary of Education to develop and use a simplified paper application form of the Free Application for Federal Student Aid (FAFSA), to be called the EZ FAFSA, for students who meet the requirements of the automatic zero expected family contribution. Requires the Secretary to: (1) phase-out the paper form (the long form or full FAFSA) for students who do not meet the requirements for a EZ FAFZA; and (2) produce, distribute, and process common forms in electronic format, including a simplified [...] show full description
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Latest Legislation - View All
Also tagged in: Bank accounts, College costs, Education, Finance, Government information, Government publicity, Higher education, Income tax, Pensions, Saving and investment, Savings bonds, Tax refunds, Tax returns, Tax-deferred compensation plans, Taxation
Latest Action: 07/31/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to promote savings by providing a match for eligible taxpayers who contribute to savings products and to facilitate taxpayers receiving this match and open a bank account when they file their Federal income tax returns. 7/31/2008--Introduced. Saver's Bonus Act of 2007 [sic] - Directs the Secretary of the Treasury to develop programs to: (1) match deposits made by low-income individuals into certain savings accounts (saver's bonus); (2) deposit tax refunds electronically into savings accounts; and (3) allow individual taxpayers to purchase U.S. savings bonds on their federal income tax returns. Requires the Commissioner of the Internal Revenue Service (IRS) to notify low-income taxpayers of their eligibility for the saver's bonus and of their options under this Act.
Latest Action: 07/10/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to expand the Coverdell education savings accounts to allow home school education expenses, and for other purposes. 7/10/2008--Introduced. Amends the Internal Revenue Code to allow: (1) payment of home school expenses from Coverdell education savings accounts; and (2) an annual inflation adjustment after 2008 to the contribution limit amount for such accounts. Makes permanent provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 relating to Coverdell education savings accounts, including an increase in the contribution limit amount for such accounts.
Latest Action: 07/10/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to allow expenses relating to all home schools to be qualified education expenses for purposes of a Coverdell education savings account. 7/10/2008--Introduced. Amends the Internal Revenue Code to allow payment of home school expenses from Coverdell education savings accounts.
Also tagged in: Aged, Annuities, Armed forces, Armed forces reserves, Blind, Bonds, Business, Capital gains tax, Defense policy, Disabled, Earned income tax credit, Earnings, Education, Emergency management, Employee health benefits, Executive departments, Expatriation, Families, Finance, Fire fighters, Flexible benefit plans, Foreign corporations, Government contractors, Government employees, Government information, Government service contracts, Health policy, Higher education, Home ownership, Housing, Housing finance, Identification devices, Immigration, Income tax, Individual retirement accounts, Intelligence activities, Intelligence community staff, Labor, Life insurance, Medical care, Mental health services, Military dependents, Military pay, Military personnel, Mortgages, National service, Peace Corps, Pensions, Public contracts, Social security, Social security taxes, Social services, Subsidiary corporations, Supplemental security income program, Survivors' benefits, Tax credits, Tax deferral, Tax evasion, Tax exclusion, Tax penalties, Tax rebates, Tax refunds, Tax returns, Tax-deferred compensation plans, Taxation, Trade, Unemployment insurance, Veterans' benefits, Volunteer workers, Wages, War casualties, Welfare, Welfare eligibility, Withholding tax
Latest Action: 06/17/2008 - Became Public Law No: 110-245. Bill TextTo amend the Internal Revenue Code of 1986 to provide benefits for military personnel, and for other purposes. 6/17/2008--Public Law. (There are 3 other summaries) (This measure has not been amended since it was passed by the House on May 20, 2008. The summary of that version is repeated here.)Heroes Earning Assistance and Relief Tax Act of 2008 -Amends the Internal Revenue Code to provide tax benefits and incentives for military personnel.Title I: Benefits for Military - (Sec 101) Exempts married taxpayers who file a joint tax return from the identification requirement for the 2008 recovery tax rebate if at least one of the filers is a current member of the Armed Forces.(Sec. 102) Makes permanent the election to treat combat zone compensation as earned income for purposes of the earned income tax credit. (Sec. 103) Makes permanent the exemption from the first-time homebuyer rule for veterans using mortgage [...] show full description
Also tagged in: Business, College costs, Education, Educational technology, Employee benefit plans, Higher education, Income tax, Information technology, Labor, Small business, Tax exemption, Taxation, Technology, Textbooks, Tuition tax credits
Latest Action: 05/13/2008 - 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 commi Bill TextTo amend the Internal Revenue Code of 1986 to establish lifelong learning accounts to provide an incentive to save for education. 5/13/2008--Introduced. Lifelong Learning Accounts Act of 2008 - Amends the Internal Revenue Code to: (1) establish tax-exempt lifelong learning accounts to pay certain educational expenses, including tuition, fees, books, supplies, and information technology devices; (2) allow individuals between age 18 and 71 a tax credit for cash contributions to their lifelong learning accounts; and (3) allow employers a tax credit for contributions made to the lifelong learning accounts of their employees and for administrative costs associated with small employer lifelong learning accounts.
Also tagged in: Blind, Cemeteries and funerals, Clothing, Disabled, Education, Elementary and secondary education, Employment of the disabled, Finance, Food, Government information, Government publicity, Health policy, Higher education, Income tax, Job training, Labor, Medicaid, Medical care, Medical savings accounts, Medicine, Nutrition, Preschool education, Respite care, Saving and investment, Self-help devices for the disabled, Tax credits, Tax exclusion, Tax exemption, Taxation, Transportation, Transportation and the disabled, Welfare, Welfare eligibility
Latest Action: 03/11/2008 - Sponsor introductory remarks on measure. (CR S1878-1879) Bill TextA bill to amend the Internal Revenue Code of 1986 to provide for disability savings accounts, and for other purposes. 3/11/2008--Introduced. Disability Savings Act of 2008 - Amends the Internal Revenue Code to allow a tax exemption for disability savings accounts that have a value of $250,000 or less and are established for beneficiaries under the age of 65 who are blind or disabled.Allows tax-free distributions from such accounts for certain services provided to account beneficiaries, including education services, respite care, clothing, therapy, nutritional management, and funeral and burial expenses.Allows tax credits for contributions of up to $2,000 made to a disability savings account and for certain entities that maintain disability savings accounts.Permits disability savings accounts to be disregarded in determining eligibility for Medicaid benefits and certain other means-tested federal programs.Requires the Secretary of Health and Human [...] show full description
Also tagged in: Cemeteries and funerals, Disabled, Education, Employment of the disabled, Finance, Health policy, Higher education, Household moving, Income tax, Job training, Labor, Medicaid, Medical care, Medical savings accounts, Saving and investment, Self-help devices for the disabled, Tax exclusion, Tax exemption, Taxation, Transportation, Transportation and the disabled, Welfare, Welfare eligibility
Latest Action: 03/11/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to provide for the establishment of financial security accounts for the care of family members with disabilities, and for other purposes. 3/11/2008--Introduced. Financial Security Accounts for Individuals with Disabilities Act of 2008- Amends the Internal Revenue Code to establish tax-exempt financial security accounts for individuals with disabilities to pay certain expenses of such individuals, including expenses for education, medical care, and employment training. Allows individual taxpayers a tax deduction, up to $2,000 per year, for cash contributions to such an account. Amends title XIX (Medicaid) of the Social Security Act to permit the disregard of financial security accounts for disabled individuals in determining eligibility for Medicaid benefits. Permits the disregard of amounts in such accounts for purposes of determining eligibility for certain means-tested federal programs.
Also tagged in: Accounting, Administrative procedure, Aged, Aliens, Alimony, Americans in foreign countries, Annuities, Armed forces, Athletics, Bank accounts, Banks and banking, Bonds, Business, Business travel, Capital gains tax, Cemeteries and funerals, Charitable contributions, Child support, Children, College costs, College sports, Colleges, Commemorations, Communications, Conservation of natural resources, Contracts, Cooperative societies, Corporate governance, Corporate mergers, Corporation taxes, Cost of living adjustments, Criminal justice, Damages, Debt, Defense policy, Department of the Treasury, Depreciation and amortization, Disability insurance, Disabled, Dividends, Divorce, Economic policy, Education, Employee ownership, Employee training, Environmental protection, Estate tax, Executive departments, Expatriation, Families, Finance, Financial services, Food, Foreign corporations, Foreign policy, Foster home care, Foundations, Fringe benefits, Gift tax, Gifts, Government corporations, Habitat conservation, Health insurance, Health policy, Higher education, Historic sites, History, Home ownership, Housing, Housing finance, Immigration, Imports, Income tax, Indexing (Economic policy), Individual retirement accounts, Insurance companies, Insurance premiums, Interest, Intergovernmental tax relations, International affairs, Job training, Labor, Land use, Law, Leases, Life insurance, Loan defaults, Lobbying, Local government, Losses, Marketing, Married people, Medical care, Medical economics, Medical research, Medical savings accounts, Medicare, Military pay, Military pensions, Mortgages, Natural resources, Officer personnel, Old age, survivors and disability insurance, Open space lands, Outdoor recreation, Partnerships, Pensions, Politics and government, Profit, Railroad retirement plans, Real estate business, Real estate development, Recreation areas, Rent, Salaries, School personnel, Science policy, Single people, Social security, Social security taxes, Social services, Sports, Sports facilities, State and local government, State politics and government, Stocks, Tax administration, Tax credits, Tax deductions, Tax deferral, Tax evasion, Tax exclusion, Tax exemption, Tax penalties, Tax rates, Tax refunds, Tax returns, Tax simplification, Tax treaties, Tax-deferred compensation plans, Tax-exempt organizations, Taxation, Taxation of foreign income, Teachers, Telecommunication, Telecommunication industry, Telephone, Territories (U.S.), Terrorism, Torts, Trade, Transportation, Travel costs, Trusts and trustees, Unemployment, Unrelated business income tax, Vocational education, Wages, Withholding tax, Workers' compensation
Latest Action: 11/13/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to restructure and replace the income tax system of the United States to meet national priorities, and for other purposes. 11/13/2007--Introduced. Simplified USA Tax Act of 2007 - Repeals, after 2006, income tax and estate and gift tax provisions of the Internal Revenue Code of 1986. Replaces such Code with a new tax system, to be known as the Simplified USA Tax. Establishes three income tax brackets at 15, 25, and 30% for individual taxpayers. Redefines "gross income" and allows certain exclusions from gross income, including previously-taxed benefits, tax-exempt bond interest, compensation for injuries and sickness, and gain from the sale of a principal residence. Allows tax deductions for alimony and child support, home mortgage interest, certain higher education expenses, and charitable contributions. Allows a tax credit for employee social security payroll taxes.Revises rules for Roth individual retirement [...] show full description
Also tagged in: Armed forces, Bonds, Business, Capital gains tax, College costs, Defense policy, Disabled, Earned income tax credit, Education, Emergency management, Expatriation, Finance, Fire fighters, Gift tax, Government life insurance, Health insurance, Health policy, Higher education, Home ownership, Housing, Housing finance, Housing subsidies, Immigration, Income tax, Individual retirement accounts, Intelligence activities, Intelligence officers, Labor, Medical care, Military housing, Military operations, Military pay, Military pensions, Military personnel, Mortgages, Peace Corps, Pensions, Small business, Social services, Survivors' benefits, Tax credits, Tax evasion, Tax exclusion, Tax penalties, Tax refunds, Tax returns, Tax-deferred compensation plans, Taxation, Valuation, Veterans, Veterans' disability compensation, Volunteer workers, Wages, Welfare
Latest Action: 09/29/2008 - Pursuant to the provisions of H. Res. 1517, the House moved to agree to the Senate amendment to the House amendment to the Senate amendment with an amendment. (consideration: CR H10337-10411; text of Senate amendment to the House amendment to the Senate a Bill TextAn Act to amend the Internal Revenue Code of 1986 to provide tax relief and protections for military personnel, and for other purposes. 12/19/2007--Senate agreed to House amendment with amendment. (There are 4 other summaries) Defenders of Freedom Tax Relief Act of 2007 - Amends the Internal Revenue Code to provide tax relief and earnings assistance to members of the uniformed services, increase penalties for noncompliance with tax requirements, and make technical amendments and clerical corrections.Title I: Benefits for Military - (Sec. 101) Makes permanent the taxpayer election to include combat zone compensation as earned income for purposes of computing the earned income tax credit. (Sec. 102) Makes permanent the eligibility of veterans for mortgage bond financing of residences without regard to first-time homebuyer requirements. Increases to $100 million the veterans' mortgage bond limitation in Alaska, Oregon, and Wisconsin.[...] show full description
Also tagged in: Agricultural conservation, Agricultural innovations, Agricultural pollution, Agricultural research, Agricultural subsidies, Agriculture, Agriculture in foreign trade, Alternative energy sources, Aquaculture, Biomass energy, Budget deficits, Budgets, Business, Chesapeake Bay, Child nutrition, Children, College costs, Consumers, Crop insurance, Department of Agriculture, Diet, Economic policy, Education, Elementary and secondary education, Employment of the disadvantaged, Energy, Energy crops, Energy efficiency, Energy research, Environmental protection, Executive departments, Executive reorganization, Finance, Food, Food industry, Food relief, Food safety, Food service, Food stamps, Foreign aid, Foreign policy, Forest conservation, Forest health, Fruit, Government procurement, Grants-in-aid, Grassland ecology, Grazing, Higher education, Hunger, Income, Individual retirement accounts, Infrastructure, Infrastructure (Economics), Integrated pest management, Job training, Labor, Land use, Marketing of farm produce, Military pay, Natural resources, Non-native species, Nutrition, Organic farming, Pensions, Pest control, Public contracts, Research and development, Rural affairs, Rural economic development, School lunch program, Science policy, Sediment control, Small business, Tax-deferred compensation plans, Trade, Unemployment, Vegetables, Water pollution control, Water resources, Watersheds, Welfare, Welfare eligibility, Wetlands, WIC program
Latest Action: 10/24/2007 - Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. Bill TextA bill to extend and improve agricultural programs, and for other purposes. 10/24/2007--Introduced. Farm, Ranch, Equity, Stewardship, and Health Act of 2007 - Amends the federal crop insurance program. Establishes: (1) a risk management account contract program; (2) a conservation planning pilot program; (3) a nutrient reduction and sediment control pilot program for the Chesapeake Bay watershed; (4) a national clean plant network; (5) an Office of Pest Management Policy; and (6) a program of hunger-free community collaborative and infrastructure grants. Extends and revises specified programs for: (1) commodity assistance; (2) conservation; (3) specialty crops; (4) food programs and nutrition, (5) agricultural trade; (6) rural development; (7) forestry; and (8) energy, including biobased products. Food Employment Empowerment and Development Program Act of 2007 or FEED Act of 2007 - Establishes the food employment empowerment and development program to [...] show full description
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