A bill to amend the Internal Revenue Code of 1986 to expand the use of education individual retirement accounts, and for other purposes.
Education Savings Account and School Excellence Act of 1999 - Amends the Internal Revenue Code, with respect to education individual retirement accounts (IRAs), to: (1) permit distributions for qualified elementary and secondary education expenses, including home schooling expenses; and (2) increase (through December 31, 2002) the annual contribution limit from $500 to $2,000. Waives the beneficiary age limitation (18) for contributions on behalf of special needs beneficiaries. Permits corporations to contribute to education IRAs.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S375)
Read twice and referred to the Committee on Finance.
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