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Lifetime Savings Accounts bill introduced in Congress
(March 31, 2004) - Bills were introduced in the House (by Sam Johnson, R-TX)and Senate (by Craig Thomas, R-WY) today to create Lifetime Savings Accounts (LSA). Following the Bush Fiscal 2005 Budget submitted ealier this year, the LSA would allow every individual to contribute up to $5,000 annually into a tax-free investment account. Withdrawals could be used for any purpose. The LSA would be viewed as a more flexible alternative to the 529 plan, which can only be used for higher education expenses in order to avoid tax and penalty.