To amend the Internal Revenue Code of 1986 to allow a deduction for amounts contributed to a 529 plan.

Bill: 118-hr-8710
Sponsor: full_name: Rep. Gottheimer, Josh [D-NJ-5]
Introduced: 2024-06-12
Policy area: Taxation
Latest action: action_date: 2024-06-12
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2024-06-12
action_desc: Introduced in House
text: <p>This bill allows a tax deduction for contributions to a qualified tuition program (known as 529 plans) up to $10,000 in a taxable year. Taxpayers whose adjusted gross income exceeds $200,000 in a&nbsp;taxable year are not eligible for the deduction.&nbsp;</p>

tv_txt: I 118th CONGRESS 2d Session H. R. 8710 IN THE HOUSE OF REPRESENTATIVES June 12, 2024 Mr. Gottheimer (for himself and Mr. James ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to allow a deduction for amounts contributed to a 529 plan.

1. Deduction for contributions to 529 plan (a) In general Section 529 of the Internal Revenue Code of 1986 is amended by redesignating subsection (f) as subsection (g) and by inserting after subsection (e) the following new subsection: (f) Deduction for contributions (1) In general In the case of an eligible individual, there shall be allowed as a deduction for the taxable year an amount equal to so much of the sum of the aggregate contributions made to a qualified tuition program as does not exceed $10,000. (2) Eligible individual For purposes of this subsection, the term eligible individual means an individual whose adjusted gross income for the taxable year does not exceed $200,000. . (b) Effective date The amendments made by this section shall apply to amounts contributed after the date of the enactment of this Act.