Tuition Assistance for Families Act

Summary

Tuition Assistance for Families Act - Amends the Internal Revenue Code to expand the tax deduction for qualified higher education tuition and related expenses. Sets such deduction at: (1) $12,000 for those with incomes up to $65,000 single or $130,000 joint; and (2) $2,000 for those whose incomes are above that level, but not more than $80,000 single or $160,000 joint. Provides for inflation adjustment. Makes such tuition deduction permanent. Increases the amount of the Lifetime Learning tax credit percentage from 20 to 25 percent. Increases the amount of education expenses subject to such credit from $10,000 to $12,000 (thus making the maximum allowable credit $3,000, rather than the current $2,000). Provides for inflation adjustment. Raises annual income limits for the Hope and Lifetime Learning tax credits to $55,000 single and $110,000 joint. Amends the Department of Education Appropriations Act, 2002 to increase the maximum Pell Grant award from $4,000 to $4,500. Establishes an academic achievement scholarship program. Authorizes the Secretary of Education to award a $1,000 college scholarship to each student in a State who graduates in the top five percent of his or her accredited secondary school's graduating class.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 January 2003

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 January 2003

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• Introduced in Senate

  summary · EN · 15 January 2003

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