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United States · Bill · HR

H.R. 2986 (95th)

Higher Education Funding Act

referredUnited States· United States Congress· EN

Introduced

2 February 1977

Last action

2 February 1977 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Fish, Hamilton, Jr. [R-NY-19], Sen. Baucus, Max [D-MT], Rep. Blouin, Michael [D-IA-2], Rep. Boggs, Corinne C. (Lindy) [D-LA-2], Rep. Cederberg, Elford A. [R-MI-10], Rep. Davis, Mendel J. [D-SC-1], Rep. Diggs, Charles C., Jr. [D-MI-13], Rep. Duncan, John J. [R-TN-2], Rep. Edwards, Mickey [R-OK-5], Rep. Eilberg, Joshua [D-PA-4], Rep. Ertel, Allen E. [D-PA-17], Rep. Fenwick, Millicent H. [R-NJ-5], Rep. Howard, James J. [D-NJ-3], Rep. Hyde, Henry J. [R-IL-6], Rep. Lagomarsino, Robert J. [R-CA-19], Rep. Lent, Norman F. [R-NY-4], Rep. Lundine, Stanley N. [D-NY-34], Rep. Mathis, Dawson [D-GA-2], Sen. Mikulski, Barbara A. [D-MD], Rep. Moakley, John Joseph [D-MA-9], Rep. Moorhead, Carlos J. [R-CA-22], Rep. Neal, Stephen L. [D-NC-5], Rep. Nolan, Richard M. [D-MN-8], Rep. Pritchard, Joel [R-WA-1], Rep. Pursell, Carl D. [R-MI-2]

Subjects

Taxation, Education

Source updated

2 September 2025

Taxation · Education

Official sourceView documentsShare

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 dependents. Limits the amount of the deduction to the lesser of: (1) $750 times the number of qualified beneficiaries; (2) 15 percent of the taxpayer's adjusted gross income; or (3) $7,500. 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 of 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 the income tax treatment upon termination of the fund. Defines "institution of higher education" as an educational institution: (1) which provides an educational program leading to a bachelor's or higher degree, or training students for gainful employment; (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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 2 February 1977

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 2 February 1977

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  3. 2 February 1977

    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

Leesvertaling

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Sponsors

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Sources

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