Higher Education Accumulation Program Act of 1994

[AI summary unavailable — showing source text] Higher Education Accumulation Program Act of 1994 - Amends the Internal Revenue Code to allow a deduction for amounts paid to a Higher Education Accumulation Program (HEAP) account established to accumulate funds to pay the educational expenses of a child of the taxpayer. Declares such accounts exempt from tax. Allows the deduction in arriving at adjusted gross income. Imposes an excise tax on excess contributions and prohibited transactions. Imposes a penalty for failure to meet reporting requirements.…