Affordable Education Act of 2000

Summary

Affordable Education Act of 1999 - Title I: Education Savings Incentives - Amends the Internal Revenue Code to increase the maximum annual contribution allowed to an education individual retirement account. Permits eligible educational institutions to maintain qualified tuition programs. Title II: Educational Assistance - Extends the termination date for the exclusion of employer provided educational assistance provisions. Eliminates the 60 month limit on the student loan interest deduction. Excludes from gross income certain amounts received under the National Public Health Service Corps Scholarship Program and the F. Edward Hebert Armed Forces Health Professions Scholarship and Financial Assistance Program. Title III: Liberalization of Tax-Exempt Financing Rules for Public School Construction - Increases the amount by which certain governmental bonds used to finance public school capital expenditures may be exempted from specified arbitrage bond provisions. Provides for the treatment of qualified public educational facility bonds as exempt facility bonds. Permits aggregate Federal guarantees of up to $500 million in school construction bonds by the Federal Housing Finance Board. Title IV: Revenue Provisions - Modifies the foreign tax credit carryback and carryover periods. Limits the use of the non-accrual experience method of accounting under provisions relating to special rules for services. Amends provisions involving returns relating to the cancellation of indebtedness by certain entities to include within the definition of "applicable financial entity" any organization a significant trade or business of which is the lending of money. Directs the Secretary to establish a program requiring the payment of user fees for requests to the IRS for ruling letters, opinion letters, determination letters, and other similar requests (terminates fees October 1, 2009). Revises provisions concerning a corporation, its shareholders, and the transferring of certain assets and liabilities. Disallows a deduction for the transfer of a charitable contribution to or for the use of a State or charitable tax-exempt organization or trust if in connection with such transfer: (1) the organization directly or indirectly pays, or has previously paid, any premium on any personal benefit contract (life insurance, annuity, or endowment contract, also known as charitable split-dollar life insurance) with respect to the transferor; or (2) there is an understanding (side agreement) that any person will directly or indirectly pay any premium on such contract with respect to such transferor. Prohibits transfers of excess pension assets to retiree health account made after September 30, 2009 (currently, after December 31, 2000), from being treated as qualified transfers. Modifies rules relating to the exemption of certain ten or more employer plans from welfare benefit fund provisions. Prohibits, in general, the use of the installment method of accounting for accrual method dispositions. Adds to the list of taxable vaccines any conjugate vaccine of streptococcus pneumoniae.

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Documents

6 official files

• Engrossed in Senate (text)

  Engrossed in Senate · EN · 2 March 2000

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• Engrossed in Senate (PDF)

  Engrossed in Senate · EN · 2 March 2000

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• Passed Senate amended

  summary · EN · 2 March 2000

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• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 26 May 1999

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 26 May 1999

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• Introduced in Senate

  summary · EN · 26 May 1999

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