US HB5186 | 2015-2016 | 114th Congress
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on May 10 2016 - 25% progression, died in committee
Action: 2016-05-10 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 10 2016 - 25% progression, died in committee
Action: 2016-05-10 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Help All Americans Save for College Act of 2016 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 $5000 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.
Title
Help All Americans Save for College Act of 2016
Sponsors
Rep. Bruce Poliquin [R-ME] |
History
Date | Chamber | Action |
---|---|---|
2016-05-10 | House | Referred to the House Committee on Ways and Means. |
2016-05-10 | House | Introduced in House |
Subjects
Bank accounts, deposits, capital
Disability and paralysis
Employee benefits and pensions
Employment taxes
Higher education
Income tax deductions
Income tax exclusion
Income tax rates
Student aid and college costs
Taxation
Disability and paralysis
Employee benefits and pensions
Employment taxes
Higher education
Income tax deductions
Income tax exclusion
Income tax rates
Student aid and college costs
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/house-bill/5186/all-info |
Text | https://www.congress.gov/114/bills/hr5186/BILLS-114hr5186ih.pdf |