Parent and Student Savings Account (PLUS) bill

TABLE OF CONTENTS:

Title I: Tax Incentives for Education

Title II: Revenue

Parent and Student Savings Account PLUS Act - Title I: Tax Incentives for Education - Amends the Internal Revenue Code, with respect to education individual retirement accounts (IRAs) to temporarily: (1) permit expenditures for qualified elementary and secondary education expenses, including home schooling expenses; and (2) increase the annual contribution limit from $500 to $2,000. Waives the age limitation for special needs beneficiaries. Permits corporations to contribute to education IRAs.

(Sec. 102) Excludes from gross income distributions from qualified State tuition programs, if used for qualified higher education expenses. Expands the definition of such expenses.

(Sec. 103) Extends, through December 31, 2002, the exclusion from gross income of employer-provided educational assistance. Expands the definition of such assistance to include graduate education.

(Sec. 104) Increases the arbitrage rebate exception for State and local bonds used to finance public schools.

(Sec. 105) Excepts National Health Service Corps Scholarship Program amounts received for teaching, research, or other services required to receive such scholarship from the requirement to include scholarship amounts received for such services in income.

Title II: Revenue - Provides, with respect to certain deferred compensation determinations, that an amount shall not be treated as paid until it is actually received by the employee.

(Sec. 202) Reduces the excess foreign tax credit carryback period. Extends such credit's carryforward period.