Higher Education Accumulation Program Act of 1994 - Amends the Internal Revenue Code to allow a deduction for amounts paid to a Higher Education Accumulation Program (HEAP) account established to accumulate funds to pay the educational expenses of a child of the taxpayer.
Declares such accounts exempt from tax. Allows the deduction in arriving at adjusted gross income. Imposes an excise tax on excess contributions and prohibited transactions. Imposes a penalty for failure to meet reporting requirements.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Sponsor introductory remarks on measure. (CR E299)
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