US Congress Senate Bill 2962 (Prior Session Legislation)

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

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).

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

Sen. Rand Paul [R-KY]

Sen. Thom Tillis [R-NC]

Sen. John Kennedy [R-LA]

Date	Chamber	Action
2019-12-02	Senate	Read twice and referred to the Committee on Finance.

HB8787 (Related) 2020-11-19 - 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 committee concerned.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/2962/all-info
Text	https://www.congress.gov/116/bills/s2962/BILLS-116s2962is.pdf