A bill to establish a College Savings Bond Program and to amend the Internal Revenue Code of 1986 to provide that gross income of an individual shall not include income from certain savings bonds the proceeds of which are used to pay certain post-secondary educational expenses, and for other purposes.
College Savings Bond Act of 1988 - Authorizes the Secretary of the Treasury to issue college savings bonds in the interest of encouraging long-term savings for postsecondary education.
Amends the Internal Revenue Code to exclude from the gross income of an individual any interest on college savings bonds to the extent these proceeds are used to pay the qualified educational expenses (tuition, fees, books, supplies, reasonable living expenses) of the taxpayer, spouse, child, or dependent at an institution of higher education, including a postsecondary vocational school. Decreases the permissible exclusion for taxpayers having adjusted gross income above $60,000, allowing no exclusion if income exceeds $80,000.
Provisions of Measure Incorporated Into H.R.4333.
Provisions of Measure Incorporated Into H.R.4333.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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