Graduate Student Savings Act of 2019

II 116TH CONGRESS 1ST SESSION S. 448 To amend the Internal Revenue Code of 1986 to permit fellowship and stipend compensation to be saved in an individual retirement account. 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Graduate Student Sav- 4 ings Act of 2019’’. 5 SEC. 2. CERTAIN NON-TUITION FELLOWSHIP AND STIPEND 6 PAYMENTS TREATED AS COMPENSATION. 7 (a) IN GENERAL.—Paragraph (1) of section 219(f) 8 of the Internal Revenue Code of 1986 is amended by add- 9 VerDate Sep 11 2014 01:12 Feb 22, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S448.IS S448 pamtmann on DSKBFK8HB2PROD with BILLS 2 •S 448 IS ing at the end the following: ‘‘Such term includes any 1 amount paid to an individual to aid the individual in the 2 pursuit of graduate or postdoctoral study or research.’’. 3 (b) EFFECTIVE DATE.—The amendment made by 4 this section shall apply to taxable years beginning after 5 December 31, 2019. 6 Æ VerDate Sep 11 2014 01:12 Feb 22, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S448.IS S448 pamtmann on DSKBFK8HB2PROD with BILLS