US HR6767

Bill

To amend the Internal Revenue Code of 1986 to allow qualified education loan repayments from section 529 plans.

Introduced
09/10/2018

In Committee
09/10/2018

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

To amend the Internal Revenue Code of 1986 to allow qualified education loan repayments from section 529 plans. This bill amends the Internal Revenue Code to allow qualified tuition programs (known as 529 plans) to be used to repay qualified education loans. The bill allows up to $10,000 in distributions from a 529 plan to be used to pay the principal or interest on a qualified education loan of the designated beneficiary or a sibling of the beneficiary.

AI Summary

This bill amends the Internal Revenue Code to allow qualified tuition programs, known as 529 plans, to be used to repay qualified education loans. The bill allows up to $10,000 in distributions from a 529 plan to be used to pay the principal or interest on a qualified education loan of the designated beneficiary or a sibling of the beneficiary. It also coordinates this change with the deduction for student loan interest, reducing the deduction by the amount of 529 plan distributions used for loan repayment.

Committee Categories

Budget and Finance

Sponsors (1)

Erik Paulsen (R)*,

Last Action

Referred to the House Committee on Ways and Means. (on 09/10/2018)

Official Document

https://www.congress.gov/bill/115th-congress/house-bill/6767/all-info

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/house-bill/6767/all-info
BillText	https://www.congress.gov/115/bills/hr6767/BILLS-115hr6767ih.pdf
Bill	https://www.congress.gov/115/bills/hr6767/BILLS-115hr6767ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR6757	Family Savings Act of 2018	Received in the Senate and Read twice and referred to the Committee on Finance.	Related
HR88	Shiloh National Military Park Boundary Adjustment and Parker's Crossroads Battlefield Designation Act	Message on House action received in Senate and at desk: House amendment to Senate amendment.	Related
HRes1084	Providing for consideration of the bill (H.B. 6756) to amend the Internal Revenue Code of 1986 to promote new business innovation, and for other purposes; providing for consideration of the bill (H.B. 6757) to amend the Internal Revenue Code of 1986 to encourage retirement and family savings, and for other purposes; providing for consideration of the bill (H.B. 6760) to amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals	Motion to reconsider laid on the table Agreed to without objection.	Similar To

Bill > HR6767

US HR6767

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary