US Congress Senate Bill 2471 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 5-0)
Status: Introduced on January 28 2016 - 25% progression, died in committee
Action: 2016-01-28 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

401(Kids) Education Savings Account Modernization Act of 2016 6 This bill amends the Internal Revenue Code to: (1) limit the requirement for an income-based reduction in allowable contributions to a Coverdell education savings account to an individual who is the custodial parent of an account beneficiary (thus exempting non-custodians of the beneficiary from such reduction), (2) increase the annual contribution limit for such accounts, (3) allow the use of such an account to pay home school expenses, and (4) allow tax-free rollovers of amounts in a Coverdell education savings account to a Roth individual retirement account. The Department of Education shall establish a website (to be known as 401Kids.gov) to provide free information on tax-favored education savings accounts.

401(Kids) Education Savings Account Modernization Act of 2016

Sen. Mark Kirk [R-IL]	Sen. Orrin Hatch [R-UT]	Sen. Pat Toomey [R-PA]	Sen. David Vitter [R-LA]
Sen. Chuck Grassley [R-IA]

Date	Chamber	Action
2016-01-28	Senate	Read twice and referred to the Committee on Finance.

SB196 (Related) 2015-01-20 - Read twice and referred to the Committee on Energy and Natural Resources. (text of measure as introduced: CR S285)
SB195 (Related) 2015-01-20 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/2471/all-info
Text	https://www.congress.gov/114/bills/s2471/BILLS-114s2471is.pdf