[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4103 Introduced in Senate (IS)]
<DOC>
117th CONGRESS
2d Session
S. 4103
To amend the Internal Revenue Code of 1986 to treat contributions to a
qualified tuition program as qualified retirement savings contributions
for purposes of the saver's credit.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 28, 2022
Ms. Hassan (for herself and Ms. Collins) introduced the following bill;
which was read twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to treat contributions to a
qualified tuition program as qualified retirement savings contributions
for purposes of the saver's credit.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Helping Parents Save for College Act
of 2022''.
SEC. 2. TREATMENT OF CONTRIBUTIONS TO QUALIFIED TUITION PROGRAM.
(a) In General.--Paragraph (1) of section 25B(d) of the Internal
Revenue Code of 1986 is amended--
(1) by striking ``and'' at the end of subparagraph (C),
(2) by striking the period at the end of subparagraph (D)
and inserting ``, and'', and
(3) by adding at the end the following new subparagraph:
``(E) the amount of any contributions made by such
individual to any qualified tuition program (as defined
in section 529(b)) of which the individual or a
dependent of the individual is the designated
beneficiary (as defined in section 529(e)(1)).''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
SEC. 3. SPECIAL ROLLOVER TO ROTH IRA FROM LONG-TERM QUALIFIED TUITION
PROGRAM.
(a) In General.--Paragraph (3) of section 529(c) of the Internal
Revenue Code of 1986 is amended by adding at the end the following new
subparagraph:
``(E) Special rollover to roth ira from long-term
qualified tuition program.--For purposes of this
section--
``(i) In general.--In the case of a
distribution from a qualified tuition program
which has been maintained by an account owner
for the 10-year period ending on the date of
such distribution--
``(I) subparagraph (A) shall not
apply to any portion of such
distribution which, not later than 60
days after such distribution, is paid
into a Roth IRA maintained for the
benefit of such account owner or the
designated beneficiary under such
qualified tuition program, and
``(II) such portion shall be
treated as a rollover contribution for
purposes of section 408A(e).
``(ii) Limitation.--Clause (i) shall only
apply to so much of any distribution as does
not exceed the lesser of--
``(I) the amount applicable to the
account owner under section 408A(c)(2)
for the taxable year, or
``(II) the aggregate amount
contributed to the program (and
earnings attributable thereto) before
the 5-year period ending on the date of
the distribution.''.
(b) Qualified Rollover Contribution.--Paragraph (1) of section
408A(e) of the Internal Revenue Code of 1986 is amended--
(1) by striking ``contribution--'' and inserting
``contribution to a Roth IRA--'',
(2) by striking ``to a Roth IRA'' in subparagraph (A),
(3) by striking the period at the end of subparagraph (B)
and inserting ``, or'', and
(4) by inserting after subparagraph (B) the following new
subparagraph:
``(C) from a qualified tuition program to the
extent provided in section 529(c)(3)(E).''.
(c) Effective Date.--The amendments made by this section shall
apply with respect to distributions in taxable years beginning after
the date of the enactment of this Act.
<all>