S. 2471 · 114th Congress
401(Kids) Education Savings Account Modernization Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
KirkSponsor4 cosponsors · 4 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
401(Kids) Education Savings Account Modernization Act of 201 6
What it does: CRS summary · Introduced in Senate · Jan 28, 2016
401(Kids) Education Savings Account Modernization Act of 2016
This bill amends the Internal Revenue Code to: (1) limit the requirement for an income-based reduction in allowable contributions to a Coverdell education savings account to an individual who is the custodial parent of an account beneficiary (thus exempting non-custodians of the beneficiary from such reduction), (2) increase the annual contribution limit for such accounts, (3) allow the use of such an account to pay home school expenses, and (4) allow tax-free rollovers of amounts in a Coverdell education savings account to a Roth individual retirement account.
The Department of Education shall establish a website (to be known as 401Kids.gov) to provide free information on tax-favored education savings accounts.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: 401(Kids) Education Savings Account Modernization Act of 2016
Latest action (Jan 28, 2016): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jan 28, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.