3.0.0 545 2022-02-03T05:26:01Z 2022-02-03T05:26:01Z Senate S S 2005-03-08 109 ssfi00 Finance Committee Senate Standing Referred to 2005-03-08T15:44:07Z Lifetime Savings Account Act of 2005 109 1163 HR 2005-03-08 Referred to the House Committee on Ways and Means. Identical bill CRS 2005-03-08 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2246-2247) IntroReferral 2005-03-08 Sponsor introductory remarks on measure. (CR S2246) IntroReferral B00100 9 Library of Congress 2005-03-08 Introduced in Senate IntroReferral 10000 9 Library of Congress T000162 Sen. Thomas, Craig [R-WY] CRAIG THOMAS R WY N K000352 Sen. Kyl, Jon [R-AZ] Jon Kyl R AZ Llewellyn 2005-03-08 True Taxation Annuities Bank accounts Cost of living adjustments Economics and Public Finance Education Education savings accounts Finance and Financial Sector Financial statements Government Operations and Politics Government paperwork Higher education Income tax Indexing (Economic policy) Individual retirement accounts Labor and Employment Law Saving and investment Tax exclusion Tax exemption Tax penalties Trusts and trustees Taxation 00 2005-03-08 Introduced in Senate 2005-03-28T19:26:16Z Lifetime Savings Account Act of 2005 - Amends the Internal Revenue Code to create a tax-exempt trust to be known as a "Lifetime Savings Account" for the benefit of an individual taxpayer or his beneficiaries. Allows an individual taxpayer to make cash contributions up to $5,000 each year to such trusts. Prohibits: (1) investment of trust assets in life insurance contracts; and (2) commingling of trust assets with any other property except in a common trust or investment fund. Provides for an annual cost-of-living adjustment to the contribution amount after 2006.

Excludes from gross income distributions from a Lifetime Savings Account. Allows tax-free rollovers to a trust from: (1) another account of the trust beneficiary if the rollover from such other account is completed within 60 days of the date of distribution; (2) from a Lifetime Savings Account of the spouse of the trust beneficiary if the rollover from the spouse's account is completed within 60 days of the date of distribution; (3) from a qualified state tuition plan or a Coverdell education savings account before January 1, 2007.

]]> Lifetime Savings Account Act of 2005 Short Titles as Introduced Lifetime Savings Account Act of 2005 Display Title Lifetime Savings Account Act of 2005 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to create Lifetime Savings Accounts. Introduced in Senate 2005-03-08T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s545is/xml/BILLS-109s545is.xml 2005-03-08 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2246-2247) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.