US SB2962 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Republican 3-0)
Status: Introduced on December 2 2019 - 25% progression
Action: 2019-12-02 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

HELPER Act of 2019 Higher Education Loan Payment and Enhanced Retirement Act of 2019 This bill permits annual tax and penalty-free withdrawals of up to $5,250 from 401(k) plans for higher education expenses and penalty-free withdrawals from individual retirement accounts (IRAs) for student loan expenses. The bill also excludes from gross income, for income tax purposes, distributions up to $5,250 from employer-sponsored student loan and tuition payment plans. It repeals the limitation on the deduction of interest on student loans and increases from $15,000 to $25,000 (adjusted for inflation) the maximum contribution amounts for certain tax-preferred retirement plans. The bill allows employees an election to treat contributions to a 401(k) plan as Roth contributions (thus exempting withdrawals from such plans from tax at retirement).

Tracking Information

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Title

HELPER Act of 2019 Higher Education Loan Payment and Enhanced Retirement Act of 2019

Sponsors


History

DateChamberAction
2019-12-02SenateRead twice and referred to the Committee on Finance.

Subjects


US Congress State Sources


Bill Comments

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