Growing the Economy for Tomorrow: Assuring Higher Education is Affordable and Dependable Act

Summary

TABLE OF CONTENTS: Title I: Tax Incentives for Higher Education Subtitle A: Tax Relief for Higher Education Costs Subtitle B: Encouraging Savings for Higher Education Costs Title II: Scholarships for Academic Achievement Title III: Deficit Neutrality Growing the Economy for Tomorrow: Assuring Higher Education is Affordable and Dependable Act - Title I: Tax Incentives for Higher Education - Subtitle A: Tax Relief for Higher Education Costs - Amends the Internal Revenue Code to provide income tax deductions for qualified higher education expenses and student loan interest. (Sec. 102) Excludes from income qualified scholarships and fellowships, including Federal tuition grants requiring future Federal service. (Sec. 103) Makes the educational assistance income exclusion permanent. Subtitle B: Encouraging Savings for Higher Education Costs - Amends the Code to permit distributions from certain retirement and pension plans to be used without penalty for higher education expenses. (Sec. 112) Provides for (deductible and nondeductible) education savings accounts. (Sec. 113) Increases educational savings bond income limits. (Sec. 114) Exempts State prepaid tuition plans from taxation (but not from tax on unrelated business income). Defers taxation on purchasers and beneficiaries until receipt. Title II: Scholarships for Academic Achievement - Authorizes the Secretary of Education to award scholarships to secondary school students graduating in the top five percent of their class, subject to family income limits. Authorizes appropriations. Title III: Deficit Neutrality - Expresses the sense of the Senate that: (1) this Act will be deficit neutral; and (2) costs should be paid by closing corporate loopholes.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 2 August 1996

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 2 August 1996

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• Introduced in Senate

  summary · EN · 2 August 1996

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