[Congressional Record Volume 145, Number 24 (Wednesday, February 10, 1999)]
[House]
[Pages H542-H543]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       IMPROVING EDUCATION IRA'S

  (Mr. CHABOT asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. CHABOT. Mr. Speaker, education is critically important to the 
future of our Nation. I venture to say every Democrat and Republican 
who is in Congress would agree with that statement.
  In order to assist parents in financing their children's education, 
this Congress passed into law education IRAs. In a nutshell, they allow 
parents to set aside some of their hard-earned money for their kids' 
education and get some tax relief for doing so.
  But a constituent of mine, John Michael, who happens to be a tax 
accountant, says there is a glitch in the law that needs to be fixed. I 
agree with him. With most IRAs, the taxpayer has until April 15 to make 
a contribution for the previous tax year, but under current law the 
education IRA's contribution must be made by December 31.

[[Page H543]]

  I would ask my Democratic and Republican colleagues to support my 
Education IRA Fairness Act which I introduced last week. It brings the 
education IRAs into line with all other IRAs, and it will improve 
education in this country.

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