All Education savings accounts Legislation - Federal Government
S.3372 - A 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.
Latest Action: 07/31/2008 - Read twice and referred to the Committee on Finance. Bill Text A 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. Comment on Bill S.3244 - A 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.
Latest Action: 07/10/2008 - Read twice and referred to the Committee on Finance. Bill Text A 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. S.3243 - A 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.
Latest Action: 07/10/2008 - Read twice and referred to the Committee on Finance. Bill Text A 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. H.R.6081 - To amend the Internal Revenue Code of 1986 to provide benefits for military personnel, and for other purposes.
Latest Action: 06/17/2008 - Became Public Law No: 110-245. Bill Text To 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 H.R.6036 - To amend the Internal Revenue Code of 1986 to establish lifelong learning accounts to provide an incentive to save for education.
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 Text To 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. S.2741 - A bill to amend the Internal Revenue Code of 1986 to provide for disability savings accounts, and for other purposes.
Latest Action: 03/11/2008 - Sponsor introductory remarks on measure. (CR S1878-1879) Bill Text A 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 S.2743 - A 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.
Latest Action: 03/11/2008 - Read twice and referred to the Committee on Finance. Bill Text A 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. H.R.4159 - To 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.
Latest Action: 11/13/2007 - Referred to the House Committee on Ways and Means. Bill Text To 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 H.R.3997 - An Act to amend the Internal Revenue Code of 1986 to provide tax relief and protections for military personnel, and for other purposes.
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 Text An 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 S.2228 - A bill to extend and improve agricultural programs, and for other purposes.
Latest Action: 10/24/2007 - Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. Bill Text A 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 H.R.3827 - 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.
Latest Action: 10/15/2007 - Referred to the House Committee on Ways and Means. Bill Text 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. 10/15/2007--Introduced. Active Duty Military Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) allow certain small business owners (businesses having 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 [...] show full description H.R.3740 - To encourage savings, promote financial literacy, and expand opportunities for young adults by establishing KIDS Accounts.
Latest Action: 10/03/2007 - Referred to the House Committee on Ways and Means. Bill Text To encourage savings, promote financial literacy, and expand opportunities for young adults by establishing KIDS Accounts. 10/3/2007--Introduced. America Saving for Personal Investment, Retirement, and Education Act of 2005, or the ASPIRE Act of 2007 - Establishes a KIDS Account Fund in the Treasury. Establishes within the Fund a Kids Investment and Development Savings Account (KIDS Account). Makes eligible to contribute to such account, and to receive a matching federal contribution, any U.S. citizen born after December 31, 2007, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount. Creates the KIDS Account Fund Board to establish a default investment program under which, in a manner similar to a lifecycle investment program, sums in each KIDS Account are allocated to investment funds in the KIDS Account Fund based on the amount of time before the account holder attains the age of [...] show full description S.1967 - A bill to provide administrative ease and incentives for increased saving by Americans, and for other purposes.
Latest Action: 08/02/2007 - Read twice and referred to the Committee on Finance. Bill Text A bill to provide administrative ease and incentives for increased saving by Americans, and for other purposes. 8/2/2007--Introduced. New Savers Act - Requires the Commissioner of Internal Revenue to notify individual taxpayers of their options to: (1) have their income tax refunds electronically deposited to a designated bank account (e.g., savings account); and (2) purchase U.S. savings bonds when they file their federal income tax returns.Authorizes the Secretary of the Treasury to: (1) make grants to provide matching funds for clinics to assist low-income taxpayers in preparing and filing their federal income tax returns; (2) increase payments to financial institutions to offset the costs of opening electronic transfer accounts; and (3) provide grants to states to increase participation in qualified tuition programs by moderate and low-income families.Requires the Secretary to: (1) establish performance measures to evaluate the extent to which Americans save [...] show full description H.R.3172 - To exclude certain assets in determining eligibility under the food stamp program, the temporary assistance for needy families (TANF) program, the Supplemental Security Income (SSI) program, and the State children's health insurance program (SCHIP).
Latest Action: 04/25/2008 - Referred to the Subcommittee on Department Operations, Oversight, Nutrition and Forestry. Bill Text To exclude certain assets in determining eligibility under the food stamp program, the temporary assistance for needy families (TANF) program, the Supplemental Security Income (SSI) program, and the State children's health insurance program (SCHIP). 7/25/2007--Introduced. Freedom to Save Act of 2007 - Amends the Food Stamp Act of 1977 to modify the asset test for food stamp program eligibility by increasing the amounts of allowable financial resources, with annual inflation adjustments, and excluding from countable financial resources any retirement accounts, education accounts, and licensed vehicles. Prohibits the use of any asset test under the temporary assistance for needy families (TANF) program under part A of title IV of the Social Security Act. Prescribes an administrative penalty for any state imposing such a test. Eliminates any asset test for disabled persons under title XVI (Supplemental Security Income (SSI)) of the Social Security Act (SSA) and [...] show full description S.1762 - An original bill to provide for reconciliation pursuant to section 602 of the concurrent resolution on the budget for fiscal year 2008 (S. Con. Res. 21).
Latest Action: 07/10/2007 - Committee on Health, Education, Labor, and Pensions. Original measure reported to Senate by Senator Kennedy. Without written report. Bill Text An original bill to provide for reconciliation pursuant to section 602 of the concurrent resolution on the budget for fiscal year 2008 (S. Con. Res. 21). 7/10/2007--Reported to Senate without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Higher Education Access Act of 2007 - Title I: Grants to Students in Attendance at Institutions of Higher Education - (Sec. 101) Amends the Higher Education Act of 1965 (HEA) to repeal the formula for calculating an individual Pell grant which includes, in part, the sum of the student's tuition. (Thus eliminates the "tuition sensitivity provision" which currently prohibits maximum Pell grant awards to students attending low-tuition institutions of higher education (IHEs) even if their income is low enough otherwise to qualify for the maximum award.) Authorizes and [...] show full description H.R.2901 - 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.
Latest Action: 06/28/2007 - Referred to the House Committee on Ways and Means. Bill Text 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. 6/28/2007--Introduced.
Lifelong Learning Accounts Act of 2007 - Amends the Internal Revenue Code to: (1) establish tax-exempt lifelong learning accounts to pay for certain higher education expenses and allow a tax deduction for cash contributions to such accounts; and (2) allow employers, employees, and self-employed individuals tax credits for contributions to such accounts. Requires the Comptroller General to study the effectiveness of such accounts and the tax credits provided by this Act. S.1642 - A bill to extend the authorization of programs under the Higher Education Act of 1965, and for other purposes.
Latest Action: 11/15/2007 - By Senator Kennedy from Committee on Health, Education, Labor, and Pensions filed written report. Report No. 110-231. Bill Text A bill to extend the authorization of programs under the Higher Education Act of 1965, and for other purposes. 7/24/2007--Passed Senate amended. (There are 2 other summaries) Higher Education Amendments of 2007 - Amends the Higher Education Act of 1965 (HEA) to revise HEA programs and to extend the authorization of appropriations for them through FY2013. Title I: General Provisions - (Sec. 101) Adds definitions of a critical foreign language, distance education, and poverty line. Provides that critical foreign languages are those contained on the list designated by the Secretary of Education in the Federal Register on August 5, 1985, but allows the Secretary to set language priorities according to the purposes of a specific program and national security, economic competitiveness, and educational needs. States that poverty line refers to the poverty line applicable to a family of the size involved. (Sec. 102) Revises [...] show full description H.R.2724 - To amend the Internal Revenue Code of 1986 to modify the saver's credit.
Latest Action: 06/14/2007 - Referred to the House Committee on Ways and Means. Bill Text To amend the Internal Revenue Code of 1986 to modify the saver's credit. 6/14/2007--Introduced.
Retirement Savings for Working Americans Act - Amends Internal Revenue Code provisions relating to the tax credit for retirement savings contributions (saver's credit) to: (1) require the Secretary of the Treasury to deposit saver's credit amounts directly into the designated retirement account of the taxpayer; (2) expand income eligibility levels for the saver's credit; (3) allow taxpayers that contribute to a qualified tuition program or a Coverdell education savings account to claim such contributions as retirement savings contributions; and (4) adjust the saver's credit maximum contribution amount for inflation beginning after 2007. |
