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 gross income qualified scholarships and fellowships, including Federal tuition grants requiring future Federal service. (Sec. 103) Makes the employer-provided educational assistance income exclusion permanent. Repeals a limitation on graduate-level educational assistance. Subtitle B: Encouraging Savings for Higher Education Costs - Permits the use without penalty of distributions from certain retirement and pension plans to pay higher education expenses. (Sec. 112) Allows a deduction of up to $2,000 per calendar year for contributions to a tax-exempt education savings account for a beneficiary under age 19. Permits non-deductible contributions to such an account as well. Prescribes penalties for the use of distributions for other than qualified educational expenses. (Sec. 113) Increases from $40, 000 ($60,000 for a joint return) to $70,000 ($100,000 for a joint return) the income limits for full exclusion from gross income of any income from U.S. savings bonds used to higher education tuition and fees. Title II: Scholarships for Academic Achievement - Authorizes the Secretary of Education to award $1,000 scholarships to secondary school students graduating in the top five percent of their class, subject to family income limits. Allows such students to receive a maximum of two such scholarships for use at any institution of higher education during any four academic years. Authorizes appropriations. Title III: Deficit Neutrality - Expresses the sense of the Senate that: (1) this Act will be deficit neutral; and (2) its costs should be paid by closing corporate loopholes.

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• Introduced in Senate (text)

  Introduced in Senate · EN · 28 January 1997

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 28 January 1997

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• Introduced in Senate

  summary · EN · 28 January 1997

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