Expanded Student Saver’s Tax Credit Act

I 118TH CONGRESS 1ST SESSION H. R. 2641 To amend the Internal Revenue Code of 1986 to allow students to take the saver’s credit. 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. 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 ‘‘Expanded Student 4 Saver’s Tax Credit Act’’. 5 SEC. 2. CREDIT FOR ELECTIVE DEFERRALS AND IRA CON- 6 TRIBUTIONS ALLOWED TO INDIVIDUALS WHO 7 ARE FULL-TIME STUDENTS. 8 (a) IN GENERAL.—Section 25B(c)(2) of the Internal 9 Revenue Code of 1986 is amended— 10 VerDate Sep 11 2014 03:14 Apr 21, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2641.IH H2641 pbinns on DSKJLVW7X2PROD with $$_JOB 2 •HR 2641 IH (1) in the heading, by striking ‘‘AND FULL 1 TIME STUDENTS’’, and 2 (2) by striking ‘‘include—’’ and all that follows 3 through the period and inserting ‘‘include any indi- 4 vidual with respect to whom a deduction under sec- 5 tion 151 is allowed to another taxpayer for a taxable 6 year beginning in the calendar year in which such 7 individual’s taxable year begins.’’ 8 (b) EFFECTIVE DATE.—The amendments made by 9 this section shall apply to contributions made after the 10 date of the enactment of this Act. 11 Æ VerDate Sep 11 2014 04:32 Apr 21, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H2641.IH H2641 pbinns on DSKJLVW7X2PROD with $$_JOB