Senate OKs Tax-Free Education Savings Bond
Associated Press
WASHINGTON —
The Senate today voted 94 to 0 to exempt from federal income tax U.S. savings bonds that are bought to finance a college or vocational education.
“This is a simple, sensible way to help families save for college expenses,” said Sen. Edward M. Kennedy (D-Mass.), sponsor of the proposal. “It sends a loud, clear message about our priorities.” Kennedy’s provision was attached to a bill that corrects errors in the 1986 tax overhaul.
Get the L.A. Times Politics newsletter
Deeply reported insights into legislation, politics and policy from Sacramento, Washington and beyond. In your inbox three times per week.
You may occasionally receive promotional content from the Los Angeles Times.
