Young American Savers Act of 2021
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vs 5,357 other S bills in the 117th — cohort avg 38d
Young American Savers Act of 2021 This bill directs the Department of the Treasury to establish as a permanent program the Federal Child Savings Account Program not later than December 31, 2022. A program account shall be tax-exempt and distributions from an account shall be excludible from a child's gross income. The program allows the parent or guardian of a child under the age of 18 and a U.S. resident to make contributions to an account for the child's educational expenses. An account may also fund a Roth Individual Retirement account and an ABLE (i.e., Achieving a Better Life Experience) account for disabled individuals. Distributions from such accounts may begin on the earlier of the date such child attains the age of 26, receives an associate's or bachelor's degree, or enlists in active duty miliary service.
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Filing registrants (1)
2023 · third_quarter · Taxation/Internal Revenue Code
Proposals related to the tax treatment of education savings. Proposals to reform 529 college savings plan rules, including additional flexibility to make investment changes, changes in the student loan payment rules, IRA rollovers, and extension of the savers credit to encompass 529 contributions. Proposals to enhance workplace access to 529 plans. S. 2206, Young American Savers Act (117th Congress). S. 4400, College Savings Recovery Act (117th Congress). S. 4103, Helping Parents Save for College Act (117th Congress). H.R. 1818/ S. 1561, Aviation Workforce Development Act. H.R. 1477/S. 722, Freedom to Invest in Tomorrow's Workforce Act. H.R. 329, American Workforce Empowerment Act.
Client expense: Not reported · Firm income: Not reported
Read twice and referred to the Committee on Finance.
Introduced in Senate
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Sources: Congress.gov
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2023 · second_quarter · Taxation/Internal Revenue Code
Proposals related to the tax treatment of education savings. Proposals to reform 529 college savings plan rules, including additional flexibility to make investment changes, changes in the student loan payment rules, IRA rollovers, and extension of the savers credit to encompass 529 contributions. Proposals to enhance workplace access to 529 plans. S. 2206, Young American Savers Act (117th Congress). S. 4400, College Savings Recovery Act (117th Congress). S. 4103, Helping Parents Save for College Act (117th Congress). H.R. 1818/ S. 1561, Aviation Workforce Development Act. H.R. 1477/S. 722, Freedom to Invest in Tomorrow's Workforce Act. H.R. 329, American Workforce Empowerment Act.
Client expense: Not reported · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE