To provide that the education savings incentives of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall be permanent, and for other purposes.
Amends the Internal Revenue Code to provide for tax-free expenditures from education savings accounts for elementary and secondary education expenses at home schools (currently the Code provides for tax-free treatment of expenses at public, private, and religious schools only).
Permits an exemption to the tax increase assessed to an individual for receiving a payment or distribution from an education individual retirement account which is includible in gross income if the payment or distribution is made on account of attendance of the account holder at a U.S. Military Academy. States that the exemption shall only apply to the extent that the amount of the payment or distribution does not exceed the costs of advanced education attributable to such attendance.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Mr. Hulshof moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H6022-6028; text of measure as introduced: CR H6022)
DEBATE - The House proceeded with forty minutes of debate on H.R. 5203.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Considered as unfinished business. (consideration: CR H6028-6029)
Failed of passage/not agreed to in House: On motion to suspend the rules and pass the bill, as amended Failed by the Yeas and Nays: (2/3 required): 213 - 188 (Roll no. 371).
Roll Call #371 (House)On motion to suspend the rules and pass the bill, as amended Failed by the Yeas and Nays: (2/3 required): 213 - 188 (Roll no. 371).
Roll Call #371 (House)checking server…
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