Lifetime Savings Account Act of 2005
Latest action · Mar 8, 2005 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2246-2247)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 8, 2005
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Lifetime Savings Account Act of 2005 - Amends the Internal Revenue Code to create a tax-exempt trust to be known as a "Lifetime Savings Account" for the benefit of an individual taxpayer or his beneficiaries. Allows an individual taxpayer to make cash contributions up to $5,000 each year to such trusts. Prohibits: (1) investment of trust assets in life insurance contracts; and (2) commingling of trust assets with any other property except in a common trust or investment fund. Provides for an annual cost-of-living adjustment to the contribution amount after 2006.
Excludes from gross income distributions from a Lifetime Savings Account. Allows tax-free rollovers to a trust from: (1) another account of the trust beneficiary if the rollover from such other account is completed within 60 days of the date of distribution; (2) from a Lifetime Savings Account of the spouse of the trust beneficiary if the rollover from the spouse's account is completed within 60 days of the date of distribution; (3) from a qualified state tuition plan or a Coverdell education savings account before January 1, 2007.
Cosponsors 1
Members who signed on, in the order they did. All signed on Mar 8, 2005.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-AZ | Jon Kyl | Original | Mar 8, 2005 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Mar 8, 2005 |
Actions 3
Everything that happened, newest first.
- Mar 8, 2005Introduced in Senate
- Mar 8, 2005Sponsor introductory remarks on measure. (CR S2246)
- Mar 8, 2005Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2246-2247)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S2246Text printed S2246 | Craig Thomas R-WY (text) | Mar 8, 2005 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 109-120 | SMALL BUSINESSES AND HEALTH INSURANCE: EASING COSTS AND EXPANDING ACCESS58 pages | Health, Education, Labor, and Pensions Committee | Apr 21, 2005 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1163 | Lifetime Savings Account Act of 2005 | Identical bill | Mar 8, 2005 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to create Lifetime Savings Accounts.
- Short Titles as Introduced
- Lifetime Savings Account Act of 2005
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Annuities
- Bank accounts
- Cost of living adjustments
- Economics and Public Finance
- Education
- Education savings accounts
- Finance and Financial Sector
- Financial statements
- Government Operations and Politics
- Government paperwork
- Higher education
- Income tax
- Indexing (Economic policy)
- Individual retirement accounts
- Labor and Employment
- Law
- Saving and investment
- Tax exclusion
- Tax exemption
- Tax penalties
- Taxation
- Trusts and trustees
Text 1
Each version as it was printed, newest first.
- Mar 8, 2005Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.