Higher Education Funding Act

Summary

Higher Education Funding Act - Authorizes an income deduction for contributions to a qualified higher education fund established by the taxpayer for the purposes of funding the higher education of his child dependents. Limits the amount of the deduction to the lesser of: (1) $500 times the number of qualified beneficiaries; (2) ten percent of the taxpayer's adjusted gross income; or (3) $2,500. Provides that a qualified education fund must be established by the taxpayer pursuant to a written plan: (1) solely for the purpose of defraying the cost of room, board, and tuition at an institution of higher education of one or more eligible beneficiaries; (2) which provides that no distribution shall be made by the fund (except upon termination thereof) other than to, or on behalf of, eligible beneficiaries; (3) which provides that upon termination of the fund all assets of the funds shall be distributed to the taxpayer or to his estate; (4) which prohibits contributions to the fund in excess of amounts deductible; and (5) under which the taxpayer consents to specified income tax treatment upon termination of the fund. Defines "institution of higher education" as an educational institution: (1) which regularly offers education at a level above the twelfth grade; (2) contributions to or for the use of which constitute charitable contributions; (3) which is legally authorized to provide and does provide a program of postsecondary education; and (4) which is accredited by a nationally recognized accrediting agency or association listed by the United States Commissioner of Education.

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Timeline

1. 4 January 1977

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 4 January 1977

   Introduced

   Introduced in House

   Source: IntroReferral

3. 4 January 1977

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 4 January 1977

  Open at official source

Sponsors

• Rep. Murphy, John M. [D-NY-17] · D · Sponsor
• · hswm00 · Standing

Related records

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