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 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

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 2 February 1977

   Introduced

   Introduced in House

   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

• Introduced in House

  summary · EN · 2 February 1977

  Open at official source

Sponsors

• Rep. Fish, Hamilton, Jr. [R-NY-19] · R · Sponsor
• Rep. Rahall, Nick J., II [D-WV-3] · D · Cosponsor
• Rep. Regula, Ralph [R-OH-16] · R · Cosponsor
• Rep. Robinson, J. Kenneth [R-VA-7] · R · Cosponsor
• Rep. Roe, Robert A. [D-NJ-8] · D · Cosponsor
• Rep. Rose, Charlie [D-NC-7] · D · Cosponsor
• Rep. Scheuer, James H. [D-NY-8] · D · Cosponsor
• Rep. Solarz, Stephen J. [D-NY-13] · D · Cosponsor
• Rep. Spellman, Gladys Noon [D-MD-5] · D · Cosponsor
• Sen. Tsongas, Paul E. [D-MA] · D · Cosponsor
• Rep. Walker, Robert S. [R-PA-16] · R · Cosponsor
• Rep. Walsh, William F. [R-NY-33] · R · Cosponsor
• Rep. Yatron, Gus [D-PA-6] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to → Higher Education Funding Act