Senate OKs Tax-Free Education Savings Bond
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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.
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