1. Short title This Act may be cited as the Boost Saving for College Act . 2. Credit for contributions to 529 plans (a) In general Subsection (d) of section 25B of the Internal Revenue Code of 1986 (relating to elective deferrals and IRA contributions by certain individuals) is amended by redesignating paragraph (2) as paragraph (3) and by inserting after paragraph (1) the following new paragraph: (2) Contributions to qualified tuition programs (A) In general The term qualified savings contribution includes the amount of any purchase or contribution described in paragraph (1)(A) of section 529(b) to a qualified tuition program (as defined in such section) if— (i) the taxpayer has the power to authorize distributions and otherwise administer the account, and (ii) the designated beneficiary of such purchase or contribution is the taxpayer, the taxpayer’s spouse, or an individual with respect to whom the taxpayer is allowed a deduction under section 151. (B) Limitation based on compensation The amount treated as a qualified savings contribution by reason of subparagraph (A) for any taxable year shall not exceed the sum of— (i) the compensation (as defined in section 219(f)(1)) includible in the taxpayer’s gross income for the taxable year, and (ii) the amount excluded from the taxpayer’s gross income under section 112 (relating to combat pay) for such year. (C) Determination of adjusted gross income Solely for purposes of determining the applicable percentage under subsection (b) which applies with respect to the amount treated as a qualified savings contribution by reason of subparagraph (A), adjusted gross income (determined without regard to this subparagraph) shall be increased by the excess (if any) of— (i) the social security benefits received during the taxable year (within the meaning of section 86), over (ii) the amount included in gross income for such year under section 86. . (b) Conforming amendments (1) Section 25B of such Code is amended by striking qualified retirement savings each place it appears