summary
Introduced
06/19/2017
06/19/2017
In Committee
06/19/2017
06/19/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Graduate Student Savings Act of 2017 This bill amends the Internal Revenue Code to allow 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 2017, amends the Internal Revenue Code to allow funds paid to an individual for graduate or postdoctoral study or research to be saved in an Individual Retirement Account (IRA). The bill permits these funds to be considered "compensation" for the purposes of current law provisions that limit annual deductible IRA contributions to the lesser of the deductible amount or the individual's taxable income for the year. This change would allow graduate students and postdoctoral researchers to save these funds in an IRA, which can provide tax benefits for retirement savings.
Committee Categories
Budget and Finance
Sponsors (5)
Last Action
Read twice and referred to the Committee on Finance. (on 06/19/2017)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/senate-bill/1379/all-info |
| BillText | https://www.congress.gov/115/bills/s1379/BILLS-115s1379is.pdf |
| Bill | https://www.congress.gov/115/bills/s1379/BILLS-115s1379is.pdf.pdf |
Loading...