3.0.0 2962 2022-10-28T01:46:09Z 2022-10-28T01:46:09Z Senate S 2019-12-02 116 ssfi00 Finance Committee Senate Standing Referred to 2019-12-02T23:52:09Z STAR Act of 2020 116 8787 HR 2020-11-19 Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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. Related bill CRS 2019-12-02 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2019-12-02 Introduced in Senate IntroReferral 10000 9 Library of Congress P000603 Sen. Paul, Rand [R-KY] Rand Paul R KY N T000476 Sen. Tillis, Thomas [R-NC] Thomas Tillis R NC Roland 2019-12-04 False K000393 Sen. Kennedy, John [R-LA] John Kennedy R LA Neely 2019-12-04 False Taxation Employee benefits and pensions Higher education Income tax deductions Income tax deferral Income tax exclusion Inflation and prices Interest, dividends, interest rates Student aid and college costs Taxation 00 2019-12-02 Introduced in Senate 2020-01-09T16:32:52Z Higher Education Loan Payment and Enhanced Retirement Act of 2019 or the HELPER Act of 2019

This bill permits annual tax and penalty-free withdrawals of up to $5,250 from 401(k) plans for higher education expenses and penalty-free withdrawals from individual retirement accounts (IRAs) for student loan expenses.

The bill also excludes from gross income, for income tax purposes, distributions up to $5,250 from employer-sponsored student loan and tuition payment plans. It repeals the limitation on the deduction of interest on student loans and increases from $15,000 to $25,000 (adjusted for inflation) the maximum contribution amounts for certain tax-preferred retirement plans.

The bill allows employees an election to treat contributions to a 401(k) plan as Roth contributions (thus exempting withdrawals from such plans from tax at retirement).

]]> HELPER Act of 2019 Display Title HELPER Act of 2019 Short Title(s) as Introduced HELPER Act of 2019 Introduced in Senate IS Short Title(s) as Introduced Higher Education Loan Payment and Enhanced Retirement Act of 2019 Introduced in Senate IS Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to permit withdrawals from certain retirement plans for repayment of student loan debt, and for other purposes. Introduced in Senate IS Introduced in Senate 2019-12-02T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s2962is/xml/BILLS-116s2962is.xml 2019-12-02 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.