US HR1194

Bill

US HR1194

Graduate Student Savings Act of 2019

Introduced
02/13/2019

In Committee
02/13/2019

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

To amend the Internal Revenue Code of 1986 to permit fellowship and stipend compensation to be saved in an individual retirement account. This bill allows funds paid to an individual to aid in the pursuit of graduate or postdoctoral study or research to be saved in an Individual Retirement Account (IRA). The bill permits the funds to be considered compensation for purposes of current law provisions that limit annual deductible IRA contributions to the lesser of (1) the deductible amount permitted under current law, or (2) the compensation includible in the individual's gross income for the year.

AI Summary

This bill, the Graduate Student Savings Act of 2019, allows funds paid to an individual to aid in the pursuit of graduate or postdoctoral study or research, such as fellowships and stipends, to be considered compensation for the purpose of contributing to an Individual Retirement Account (IRA). This means that these funds can now be saved in an IRA, up to the lesser of the deductible amount permitted under current law or the compensation includible in the individual's gross income for the year. This change to the Internal Revenue Code of 1986 is effective for taxable years beginning after December 31, 2019.

Committee Categories

Budget and Finance

Sponsors (12)

Joseph Kennedy (D)*, Jim Banks (R), Debbie Dingell (D), Brian Fitzpatrick (R), Josh Harder (D), Alcee Hastings (D), Sheila Jackson-Lee (D), Bill Keating (D), Ann Kuster (D), Jim McGovern (D), Seth Moulton (D), Scott Peters (D),

Last Action

Referred to the House Committee on Ways and Means. (on 02/13/2019)

Official Document

https://www.congress.gov/bill/116th-congress/house-bill/1194/all-info

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/116th-congress/house-bill/1194/all-info
BillText	https://www.congress.gov/116/bills/hr1194/BILLS-116hr1194ih.pdf
Bill	https://www.congress.gov/116/bills/hr1194/BILLS-116hr1194ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR1007	Retirement Enhancement and Savings Act of 2019	Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
HR1084	Family Savings Act of 2019	Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
S448	Graduate Student Savings Act of 2019	Read twice and referred to the Committee on Finance.	Same As

Bill > HR1194

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (12)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary