In the Red Act of 2016

Summary

In the Red Act of 2016 This bill authorizes and appropriates specified funds to the Department of Education (ED) for FY2016-FY2025 and each succeeding year for grants: (1) to waive tuition and fees for eligible students at community colleges, and (2) to waive or reduce tuition and fees for low-income students at four-year historically black colleges and universities and other minority-serving institutions. It amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct ED to establish a program to refinance outstanding federal student loans for borrowers of Direct Loan program loans disbursed before July 1, 2016, and Federal Family Education Loan (FFEL) program loans. (FFELs were not disbursed after June 30, 2010.) The bill modifies, for academic year 2018-2019 and succeeding years, the calculation of the mandatory add-on amount used to determine the total maximum Federal Pell Grant award. It also amends various provisions of the Internal Revenue Code to, among other things: (1) expand the expenses eligible for the American Opportunity Tax Credit to include the amount of a Federal Pell Grant used to pay for living expenses; and (2) include, as a qualified scholarship excludible from gross income, any amount received as a Federal Pell Grant. Finally, the bill amends the Energy Policy Act of 2005 to repeal royalty relief for: (1) deep gas wells in shallow waters of the Gulf of Mexico, and (2) deep water oil and gas leases in the central and western Gulf of Mexico.

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Timeline

1. 15 March 2016

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 15 March 2016

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 15 March 2016 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 March 2016

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 March 2016

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 15 March 2016

  Open at official source

Sponsors

• Tammy Baldwin · D · Sponsor
• Richard Blumenthal · D · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Rep. Boxer, Barbara [D-CA-6] · D · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Rep. Cardin, Benjamin L. [D-MD-3] · D · Sponsor
• Sen. Casey, Robert P., Jr. [D-PA] · D · Sponsor
• Richard Durbin · D · Sponsor
• Sen. Franken, Al [D-MN] · D · Sponsor
• Kirsten Gillibrand · D · Sponsor
• Sen. Hirono, Mazie K. [D-HI] · D · Sponsor
• Amy Klobuchar · D · Sponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Sponsor
• Edward Markey · D · Sponsor
• Sen. Menendez, Robert [D-NJ] · D · Sponsor
• Jeff Merkley · D · Sponsor
• Sen. Mikulski, Barbara A. [D-MD] · D · Sponsor
• Patty Murray · D · Sponsor
• Gary Peters · D · Sponsor
• John Reed · D · Sponsor
• Sen. Reid, Harry [D-NV] · D · Sponsor
• Brian Schatz · D · Sponsor
• Charles Schumer · D · Sponsor
• Jeanne Shaheen · D · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Sen. Udall, Tom [D-NM] · D · Sponsor
• Elizabeth Warren · D · Sponsor
• Sheldon Whitehouse · D · Sponsor
• Ron Wyden · D · Sponsor
• · ssfi00 · Standing

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• related to ← In the Red Act of 2016
• related to ← American Opportunity Tax Credit Reform Act

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