OPTIONS Act
Reps. Steube and DelBene Introduce Bipartisan Bill to Let Workers Choose Between Different Tax-Free Benefits
The OPTIONS Act is currently in the early stages of the legislative process. It was recently sent to the House Committee on Ways and Means for review. There are no upcoming votes scheduled at this time.
Legislative Progress
The bill has bipartisan support from members on the powerful committee that handles tax laws. While it has a good chance, many tax bills are held until the end of the year to be passed in a group.
Key Points
Impact Analysis
Personal Impact
Life & Work
Workers who are also students or pursuing continuing education could direct employer contributions toward qualified educational assistance programs. This adds flexibility for employees balancing work and school, though the benefit only applies if their employer adopts the new plan type.
“amounts paid by an employer pursuant to a qualified educational assistance program which are excluded from gross income under section 127”
Programs
Disabilities
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
4 articles
Legislation Would Expand Employee Contributions to HSAs, Student Loan Debt
U.S. Representatives Greg Steube (R-FL) and Suzan Delbene (D-WA) introduced the OPTIONS Act, aimed at amending IRS rules to allow employees to allocate employer contributions among retirement accounts, HSAs, and educational assistance programs.
Greg Steube Introduces Bipartisan Bill Improving Employer Benefit Contribution Flexibility
Representative Greg Steube (R-FL) introduced the bipartisan OPTIONS Act to provide workers more flexibility in their benefits. The bill allows employees to direct employer contributions to retirement, health savings, or student debt based on their individual needs.
OPTIONS Act Would Expand Employer Contribution Options
Bipartisan legislation introduced by Reps. Greg Steube and Suzan DelBene would allow employees to allocate employer contributions across various tax-free benefits, including retirement plans, HSAs, and educational assistance programs, without facing immediate taxation.
Source Information
Document Type
Congressional Bill
Official Title
OPTIONS Act
Data Sources
Sponsor
Cosponsors
(1)Analysis generated by AI. Always verify with official sources.