3.0.0 5191 2023-01-11T13:33:04Z 2023-01-11T13:33:04Z House HR 2016-05-11 114 [Congressional Record Volume 162, Number 74 (Wednesday, May 11, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. DOLD:H.R. 5191.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause I[Page H2281]]]> hswm00 Ways and Means Committee House Standing Referred to 2016-05-11T14:02:20Z 2016-05-11 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-05-11 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-05-11 Introduced in House IntroReferral 1000 9 Library of Congress D000613 Rep. Dold, Robert J. [R-IL-10] Robert Dold R IL J. 10 N R000577 Rep. Ryan, Tim [D-OH-13] TIM RYAN D OH 13 2016-05-13 False C001083 Rep. Carney, John C., Jr. [D-DE-At Large] John Carney D DE C. 0 2016-05-18 False H001073 Rep. Hurd, Will [R-TX-23] Will Hurd R TX 23 2016-05-24 False G000571 Rep. Gabbard, Tulsi [D-HI-2] Tulsi Gabbard D HI 2 2016-06-28 False B001296 Rep. Boyle, Brendan F. [D-PA-13] Brendan Boyle D PA F. 13 2016-07-08 False M001181 Rep. Meehan, Patrick [R-PA-7] Patrick Meehan R PA 7 2016-09-28 False Taxation Bank accounts, deposits, capital Employee benefits and pensions Higher education Income tax credits Income tax exclusion Student aid and college costs Taxation 00 2016-05-11 Introduced in House 2016-08-30T20:13:19Z Higher Education Loan Payments for Students and Parents Act or the HELP for Students and Parents Act

This bill amends the Internal Revenue Code to expand the tax exclusion for employer-provided educational assistance programs to exclude from the gross income of an employee: (1) employer payments of principal or interest on loans for higher education expenses incurred by an employee, and (2) any qualified dependent 529 contributions made by the employer. (Under current law, the maximum exclusion for educational assistance programs is $5,250 per year.)

A "qualified dependent 529 contribution" is any amount contributed by an employer to a qualified tuition program the designated beneficiary of which is an employee's child who: (1) has not attained the age of 19 at the time of the contribution, or (2) is a student who has not attained the age of 24 at the time of the contribution.

The bill also allows a business tax credit for employer-provided higher education assistance, including: (1) 50% of the student loan repayment expenditures of the taxpayer for the year, and (2) 50% of the qualified dependent 529 contributions made by the taxpayer for the year. The amount taken into account for each expenditure with respect to any employee for any taxable year may not exceed $5,250.

]]> HELP for Students and Parents Act Display Title HELP for Students and Parents Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide incentives for employers to establish student loan repayment programs and to make contributions to qualified tuition programs on behalf of children of employees. Introduced in House IH Short Titles as Introduced HELP for Students and Parents Act Short Titles as Introduced Higher Education Loan Payments for Students and Parents Act Introduced in House 2016-05-11T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr5191ih/xml/BILLS-114hr5191ih.xml 2016-05-11 Referred to the House Committee on Ways and Means. 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.