3.0.0 4222 2023-01-11T13:32:28Z 2023-01-11T13:32:28Z House HR 2015-12-10 114 [Congressional Record Volume 161, Number 179 (Thursday, December 10, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. CARNEY:H.R. 4222.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1 of the United StatesConstitution, the Taxing and Spending Clause: ``The Congressshall have Power To lay and collect Taxes, Duties, Impostsand Excises, to pay the Debts and provide for the commonDefence and general Welfare of the United States . . .''[Page H9271]]]> hsed00 Education and the Workforce Committee House Standing hsed13 Higher Education and Workforce Development Subcomittee Referred to 2016-03-23T21:13:45Z Referred to 2015-12-10T15:03:30Z hswm00 Ways and Means Committee House Standing Referred to 2015-12-10T15:03:35Z 2016-03-23 hsed13 Higher Education and Workforce Development Subcomittee 1 House committee actions Referred to the Subcommittee on Higher Education and Workforce Training. Committee 2015-12-10 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-12-10 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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. IntroReferral H11100-A 9 Library of Congress 2015-12-10 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2015-12-10 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-12-10 Introduced in House IntroReferral 1000 9 Library of Congress C001083 Rep. Carney, John C., Jr. [D-DE-At Large] John Carney D DE C. N Education Higher education Income tax exclusion Student aid and college costs Education 00 2015-12-10 Introduced in House 2016-05-17T19:42:20Z Higher Education Savings Accounts Act of 2015

This bill requires the Department of Education (ED) to carry out a pilot program under which tax-exempt savings accounts (to be known as higher education pledge accounts) are established for the benefit of 9th and 10th grade students who are eligible to receive free or reduced price lunches under the Richard B. Russell National School Lunch Act.

ED: (1) shall deposit into each account for a selected student an initial amount equal to the amount of the maximum federal Pell Grant for the award year, and (2) may make additional deposits of such amount based on the student's academic progress.

A student may use funds from such account only to pay the cost of attendance at a qualified institution. Any contribution to or distribution from such account shall not be includible in gross income. The amount of any Pell Grant awarded to a student attending a qualified institution shall be reduced by the amount in such student's account.

ED shall: (1) monitor the academic progress of each student for whose benefit an account is maintained; and (2) ensure that each such student receives at least 12 hours of financial counseling on the rules pertaining to deposits, distributions, and the tax treatment of funds in the account and on sources of federal financial assistance for higher education.

]]> Higher Education Savings Accounts Act of 2015 Display Title Higher Education Savings Accounts Act of 2015 Official Title as Introduced To direct the Secretary of Education to carry out a pilot program under which higher education savings accounts are established for the benefit of eligible secondary school students. Introduced in House IH Short Titles as Introduced Higher Education Savings Accounts Act of 2015 Introduced in House 2015-12-10T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr4222ih/xml/BILLS-114hr4222ih.xml 2016-03-23 Referred to the Subcommittee on Higher Education and Workforce Training. 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.