A bill to amend the Internal Revenue Code of 1954 to allow a deduction for certain amounts paid by a taxpayer for tuition and fees in providing certain education for himself, his spouse, and his dependents.

Summary

Allows as a tax deduction, under the Internal Revenue Code, the sum of the amounts paid by the taxpayer during the taxable year to an eligible educational institution for: (1) tuition and fees required for the attendance of the taxpayer, his spouse, or a dependent; (2) fees required for courses of instruction in which the taxpayer, his spouse, or a dependent is enrolled. Sets limitations on such deduction, including that: (1) no deduction shall be allowed unless the individual is a full-time student above the secondary level at an eligible educational institution; (2) the deduction shall be allowed for amounts only to the extent that such amounts do not exceed $2,000; and (3) no deduction shall be allowed for amounts paid for tuition and fees for the spouse of the taxpayer unless the taxpayer is entitled to an exemption for his spouse or the taxpayer files a joint return. Provides that no deduction shall be allowed for any amount paid for any personal or living expense. States that the amount of the deduction shall be reduced by the amount by which the adjusted gross income of the taxpayer, and his spouse, if any, for such year exceeds $23,500. Takes into account specified scholarships and veterans benefits in calculating the deduction amounts. Defines the terms used in this Act.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 13 August 1974

  Open at official source

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