Graduate Student Savings Act of 2019

Bill: 116-s-448
Sponsor: full_name: Sen. Warren, Elizabeth [D-MA]
Introduced: 2019-02-12
Policy area: Taxation
Subjects: Employee benefits and pensions

Higher education

Income tax deductions

Student aid and college costs
Latest action: action_date: 2019-02-12
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-02-12
action_desc: Introduced in Senate
text: <p><b>Graduate Student Savings Act of 201</b><b>9</b></p> <p>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. </p>

tv_txt: II 116th CONGRESS 1st Session S. 448 IN THE SENATE OF THE UNITED STATES February 12, 2019 Ms. Warren (for herself, Mr. Lee , Mr. Wyden , and Mr. Scott of South Carolina ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to permit fellowship and stipend compensation to be saved in an individual retirement account.

1. Short title This Act may be cited as the Graduate Student Savings Act of 2019 . 2. Certain non-tuition fellowship and stipend payments treated as compensation (a) In general Paragraph (1) of section 219(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following: Such term includes any amount paid to an individual to aid the individual in the pursuit of graduate or postdoctoral study or research. . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2019.