US Congress House Bill 3046 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: Introduced on June 23 2017 - 25% progression, died in committee
Action: 2017-07-05 - Referred to the Subcommittee on Trade.
Pending: House Subcommittee on Trade Committee
Text: Latest bill text (Introduced) [PDF]

Help All Americans Save for College Act of 2017 This bill amends the Internal Revenue Code to modify the tax treatment of qualified tuition programs (known as 529 plans) and ABLE accounts. (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.) The bill excludes employer contributions to an employee's 529 plan or ABLE account from the gross income of an individual, certain employment taxes, and taxes on self-employment earnings. The exclusions are limited to the lesser of: (1) the compensation includible in the individual's gross income for the year, or (2) $5,000 ($10,000 in the case of a joint return) for each dependent of the taxpayer who is the designated beneficiary of a 529 plan. The bill also allows an individual to deduct up to $5,000 of the aggregate contributions of the individual to a 529 plan and an ABLE account. The bill revises the 10% additional tax for distributions from a 529 plan or an ABLE account that are not used for qualified purposes to change the rate to the greater of: (1) 10%, or (2) the highest rate of income tax applicable to the taxpayer.

Help All Americans Save for College Act of 2017

Rep. Bruce Poliquin [R-ME]	Rep. Tom O'Halleran [D-AZ]	Rep. James Sensenbrenner [R-WI]	Rep. Rodney Davis [R-IL]
Rep. Brian Fitzpatrick [R-PA]

Date	Chamber	Action
2017-07-05	House	Referred to the Subcommittee on Trade.
2017-06-23	House	Referred to the House Committee on Ways and Means.
2017-06-23	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/3046/all-info
Text	https://www.congress.gov/115/bills/hr3046/BILLS-115hr3046ih.pdf