To amend the Internal Revenue Code of 1986 to allow a deduction for amounts contributed to a 529 plan.
Latest Action
Referred to the House Committee on Ways and Means.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™H.R. 8710 is a bill introduced in the 118th Congress aiming to amend the Internal Revenue Code of 1986 to permit taxpayers to deduct amounts contributed to a 529 college savings plan from their taxable income. The bill was referred to the House Committee on Ways and Means but did not advance further and is currently classified as failed or expired. No official summary or full text is publicly available, limiting detailed analysis of specific provisions.
This bill sought to provide a tax deduction for contributions to 529 plans but did not progress beyond committee referral and is no longer active in the current Congress.
- The bill proposes an amendment to the Internal Revenue Code of 1986 regarding 529 plan contributions.
- It aims to allow taxpayers to deduct contributions made to 529 college savings plans.
- The bill was referred to the House Committee on Ways and Means on June 12, 2024, but did not advance and is now failed or expired.
['Taxpayers who contribute to 529 college savings plans', 'Families saving for education expenses', 'Financial institutions managing 529 plans']
["The bill's impact on federal tax revenue due to deductions allowed for 529 contributions is not detailed.", 'No information on implementation mechanisms or oversight provisions is available.', 'The absence of full bill text limits understanding of any restrictions, caps, or eligibility criteria.']
The bill was introduced in the House during the 118th Congress and referred to the House Committee on Ways and Means, which handles taxation matters. It did not progress beyond committee referral and is currently classified as failed or expired. No further legislative action or debate records are available.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Potential increase in contributions to 529 plans if taxpayers respond to the deduction incentive.', 'Possible reduction in federal tax revenues depending on uptake and deduction limits.', 'Financial institutions managing 529 plans may see increased business activity.']
Transparency is limited due to the absence of an official bill summary and full text, restricting comprehensive analysis. The bill's referral to the House Committee on Ways and Means aligns with standard procedure for tax-related legislation. The lack of fiscal impact statements or detailed provisions highlights the importance of access to complete legislative documents for informed public oversight.
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