3.0.0 2869 2023-01-11T13:33:07Z 2023-01-11T13:33:07Z Senate S 2016-04-28 114 ssfi00 Finance Committee Senate Standing Referred to 2016-04-28T16:04:37Z 2016-04-28 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2016-04-28 Introduced in Senate IntroReferral 10000 9 Library of Congress B001135 Sen. Burr, Richard [R-NC] Richard Burr R NC Mauze N C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2016-04-28 True M001153 Sen. Murkowski, Lisa [R-AK] Lisa Murkowski R AK 2016-04-28 True A000368 Sen. Ayotte, Kelly [R-NH] Kelly Ayotte R NH 2016-04-28 True M001169 Sen. Murphy, Christopher [D-CT] Christopher Murphy D CT S. 2016-09-12 False B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2016-09-26 False Taxation Bank accounts, deposits, capital Disability and paralysis Employee benefits and pensions Higher education Income tax credits Income tax exclusion Student aid and college costs Taxation 00 2016-04-28 Introduced in Senate 2016-08-15T13:00:47Z Boost Saving for College Act

This bill amends the Internal Revenue Code to modify the tax treatment of qualified tuition programs (known as 529 plans).

The bill allows: (1) a nonrefundable tax credit for contributions of an individual to a 529 plan, and (2) an exclusion from the gross income of an employee of up to $1000 per year of employer contributions to a 529 plan.

The bill also permits savings from a 529 plan to be rolled over tax-free into: (1) a Roth Individual Retirement Account of the owner or the beneficiary of a 529 plan that has been maintained for 10 years, and (2) an ABLE account of the designated beneficiary of the 529 plan.

(Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.)

]]> Boost Saving for College Act Display Title Boost Saving for College Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to improve college savings under section 529 programs, and for other purposes. Introduced in Senate IS Short Titles as Introduced Boost Saving for College Act Introduced in Senate 2016-04-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2869is/xml/BILLS-114s2869is.xml 2016-04-28 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.