3.0.0 2471 2023-01-11T13:32:14Z 2023-01-11T13:32:14Z Senate S 2016-01-28 114 ssfi00 Finance Committee Senate Standing Referred to 2016-01-28T18:03:40Z Garden Valley Withdrawal Act 114 196 S 2015-01-20 Read twice and referred to the Committee on Energy and Natural Resources. (text of measure as introduced: CR S285) Related bill CRS 401(Kids) Education Savings Account Act of 2015 114 195 S 2015-01-20 Read twice and referred to the Committee on Finance. Related bill CRS 2016-01-28 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2016-01-28 Introduced in Senate IntroReferral 10000 9 Library of Congress K000360 Sen. Kirk, Mark Steven [R-IL] MARK KIRK R IL STEVEN N H000338 Sen. Hatch, Orrin G. [R-UT] ORRIN HATCH R UT GRANT 2016-01-28 True T000461 Sen. Toomey, Patrick [R-PA] Patrick Toomey R PA J. 2016-01-28 True V000127 Sen. Vitter, David [R-LA] David Vitter R LA 2016-01-28 True G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. 2016-04-12 False Taxation Bank accounts, deposits, capital Elementary and secondary education Employee benefits and pensions Government information and archives Higher education Income tax exclusion Student aid and college costs Taxation 00 2016-01-28 Introduced in Senate 2016-05-16T18:50:56Z 401(Kids) Education Savings Account Modernization Act of 2016

This bill amends the Internal Revenue Code to: (1) limit the requirement for an income-based reduction in allowable contributions to a Coverdell education savings account to an individual who is the custodial parent of an account beneficiary (thus exempting non-custodians of the beneficiary from such reduction), (2) increase the annual contribution limit for such accounts, (3) allow the use of such an account to pay home school expenses, and (4) allow tax-free rollovers of amounts in a Coverdell education savings account to a Roth individual retirement account.

The Department of Education shall establish a website (to be known as 401Kids.gov) to provide free information on tax-favored education savings accounts.

]]> 401(Kids) Education Savings Account Modernization Act of 2016 Display Title 401(Kids) Education Savings Account Modernization Act of 2016 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to improve and expand Coverdell education savings accounts. Introduced in Senate IS Short Titles as Introduced 401(Kids) Education Savings Account Modernization Act of 2016 Introduced in Senate 2016-01-28T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2471is/xml/BILLS-114s2471is.xml 2016-01-28 Read twice and referred to the Committee on Finance. 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.