A bill to amend the Internal Revenue Code of 1954 to allow a credit against income tax to individuals for certain expenses incurred in providing higher education.

referredUnited States· United States Congress· EN

Introduced

4 June 1973

Last action

4 June 1973 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Blackburn, Ben [R-GA-4], Del. Won Pat, Antonio B. [D-GU-At Large], Rep. Collins, James M. [R-TX-3], Sen. Lott, Trent [R-MS], Rep. Roncallo, Angelo D. [R-NY-3], Rep. Podell, Bertram L. [D-NY-13], Rep. Walsh, William F. [R-NY-33], Rep. Hawkins, Augustus F. [D-CA-29], Sen. Riegle, Donald W., Jr. [D-MI], Rep. Yatron, Gus [D-PA-6], Rep. Spence, Floyd [R-SC-2], Rep. Baker, LaMar [R-TN-3], Rep. Michel, Robert H. [R-IL-18], Rep. Rousselot, John H. [R-CA-26], Rep. Wilson, Robert C. [R-CA-41], Rep. Rarick, John R. [D-LA-6], Rep. Derwinski, Edward J. [R-IL-4], Rep. Mathis, Dawson [D-GA-2], Rep. Davis, John W. [D-GA-7], Rep. Tiernan, Robert O. [D-RI-2], Rep. Denholm, Frank E. [D-SD-1], Rep. Cederberg, Elford A. [R-MI-10], Rep. Snyder, M. G. (Gene) [R-KY-4], Rep. Davis, Mendel J. [D-SC-1], Rep. Bevill, Tom [D-AL-4]

Subjects

Taxation, Education

Source updated

1 August 2024

Taxation · Education

Official source View documents Share

Summary

Allows, under the Internal Revenue Code of 1954, a credit against the individual income tax for expenses paid by the taxpayer for the higher education of any individual, including the taxpayer. Excludes scholarships and fellowship grants, and educational assistance benefits paid by the Veterans' Administration, from such expenses paid for education purposes under this Act. Limits the eligibility for tax credit. Provides that the credit allowed to the taxpayer during the taxable year shall not exceed an amount equal to the sum of: (1) 100 percent of so much of the education expenses as does not exceed $200; exceeds $200 but does not exceed $500; and (3) 25 percent of so much of such expenses as exceeds $500 but does not exceed $1500. Reduces the credit allowable under this Act by amount equal to 1 percent of the amount by which the taxpayer's adjusted gross income under the code exceeds $25,000.

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

Timeline

4 June 1973
Introduced
Referred to House Committee on Ways and Means.
Source: IntroReferral
4 June 1973
Introduced
Introduced in House
Source: IntroReferral
4 June 1973
Introduced
Introduced in House
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

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Introduced in House
summary · EN · 4 June 1973
Open at official source

Related records

related to → A bill to amend the Internal Revenue Code of 1954 to allow a credit against income tax to individuals for certain expenses incurred in providing higher education.

Sources

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Official source: https://www.congress.gov/bill/93rd-congress/house-bill/8327
Open data entity: https://api.congress.gov/v3/bill/93/hr/8327
us · 93-hr-8327 · source updated 1 August 2024