A bill to amend the Internal Revenue Code of 1954 to authorize a tax credit for certain expenses of providing higher education.

Summary

Amends the Internal Revenue Code to allow taxpayers to credit against the income tax specified higher education expenses, including tuition, fees, books, and supplies, incurred by the taxpayer for himself or any other individual. Limits the credit to 100 percent of the first $300 for any individual, 50 percent of the next $300, and 10 percent of the next $400. Limits the credit to expenses incurred by full time students at institutions of vocational and higher education, minus scholarships and veterans' benefits. Limits the total credit allowed the taxpayer to his income tax liability minus the sum of all other credits applied thereto. Disallows any deduction of educational expenses used to determine the amount of the credit allowed by this Act.

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Timeline

1. 12 April 1978

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 12 April 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 12 April 1978

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 12 April 1978

  Open at official source

Sponsors

• Rep. Thone, Charles [R-NE-1] · R · Sponsor
• Rep. Smith, Virginia [R-NE-3] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to authorize a tax credit for certain expenses of providing higher education.