S.Amdt. 588
What it does: Adds SEC. ____. CERTAIN POSTSECONDARY EDUCATIONAL BENEFITS PROVIDED BY AN EMPLOYER TO CHILDREN OF EMPLOYEES EXCLUDABLE FROM GROSS INCOME UNDER EDUCATIONAL ASSISTANCE PROGRAMS at the end of subtitle C of title V
Sen. Evan Bayh (D-IN)What it changes
1 change to S. 1054 · shown in the bill's text
Adds SEC. ____. CERTAIN POSTSECONDARY EDUCATIONAL BENEFITS PROVIDED BY AN EMPLOYER TO CHILDREN OF EMPLOYEES EXCLUDABLE FROM GROSS INCOME UNDER EDUCATIONAL ASSISTANCE PROGRAMS at the end of subtitle C of title V
Adds a sectionIn S. 1054 · Placed on Calendar Senate
(c) Effective Date.--The amendments made by this section shall apply to amounts paid or accrued after the date of enactment of this section in taxable years ending after such date.
Inserted: SEC. ____. CERTAIN POSTSECONDARY EDUCATIONAL BENEFITS PROVIDED BY AN EMPLOYER TO CHILDREN OF EMPLOYEES EXCLUDABLE FROM GROSS INCOME UNDER EDUCATIONAL ASSISTANCE PROGRAMS.
Inserted: (a) In General.--Section 127 (relating to educational assistance programs) is amended by redesignating subsection (d) as subsection (e), and inserting after subsection (c) the following:
Inserted: "(d) Post Secondary Educational Benefits Provided to Children of Employees.--
Inserted: "(1) In general.--For purposes of this section, educational assistance provided by the employer to a child (as defined in section 151(c)(3)) of an employee of such employer pursuant to an educational assistance program shall be treated as educational assistance provided for the exclusive benefit of the employee.
Inserted: "(2) Dollar limitations.--The amount excluded from the gross income of the employee by reason of paragraph (1) for a taxable year with respect to amounts provided to each child of such employee shall not exceed $2,000.
Inserted: "(3) Limitation on educational assistance.--Paragraph (1) shall only apply to expenses paid or incurred in connection with the enrollment or attendance of a child of an employee at an educational institution described in section 529(e)(5).".
Inserted: (b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after the date of enactment of this Act.
Original wording
At the end of subtitle C of title V, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 588. Mr. BAYH submitted an amendment intended to be proposed by him to the bill S. 1054, to provide for reconciliation pursuant to section 201 of the concurrent resolution on the budget for fiscal year 2004; which was ordered to lie on the table; as follows:
At the end of subtitle C of title V, insert the following:
SEC. ____. CERTAIN POSTSECONDARY EDUCATIONAL BENEFITS PROVIDED BY AN EMPLOYER TO CHILDREN OF EMPLOYEES EXCLUDABLE FROM GROSS INCOME UNDER EDUCATIONAL ASSISTANCE PROGRAMS.
(a) In General.--Section 127 (relating to educational assistance programs) is amended by redesignating subsection (d) as subsection (e), and inserting after subsection (c) the following:
“(d) Post Secondary Educational Benefits Provided to Children of Employees.--
“(1) In general.--For purposes of this section, educational assistance provided by the employer to a child (as defined in section 151(c)(3)) of an employee of such employer pursuant to an educational assistance program shall be treated as educational assistance provided for the exclusive benefit of the employee.
“(2) Dollar limitations.--The amount excluded from the gross income of the employee by reason of paragraph (1) for a taxable year with respect to amounts provided to each child of such employee shall not exceed $2,000.
“(3) Limitation on educational assistance.--Paragraph (1) shall only apply to expenses paid or incurred in connection with the enrollment or attendance of a child of an employee at an educational institution described in section 529(e)(5).”.
(b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after the date of enactment of this Act.
Legislative Activity
Stay on top of the latest movement without scrolling through every action
Senate amendment submitted
May 14, 2003