Expanded Student Saver’s Tax Credit Act

Bill: 118-hr-2641
Sponsor: full_name: Rep. Allred, Colin Z. [D-TX-32]
Introduced: 2023-04-17
Policy area: Taxation
Latest action: action_date: 2023-04-17
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-04-17
action_desc: Introduced in House
text: <p><strong>Expanded Student Saver's Tax Credit Act </strong></p> <p>This bill revises the retirement savings contribution tax credit to make full-time students eligible for such credit.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 2641 IN THE HOUSE OF REPRESENTATIVES April 17, 2023 Mr. Allred 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 students to take the saver’s credit.

1. Short title This Act may be cited as the Expanded Student Saver’s Tax Credit Act . 2. Credit for elective deferrals and IRA contributions allowed to individuals who are full-time students (a) In general Section 25B(c)(2) of the Internal Revenue Code of 1986 is amended— (1) in the heading, by striking and full time students , and (2) by striking include— and all that follows through the period and inserting include any individual with respect to whom a deduction under section 151 is allowed to another taxpayer for a taxable year beginning in the calendar year in which such individual's taxable year begins. (b) Effective date The amendments made by this section shall apply to contributions made after the date of the enactment of this Act.