Guaranteed Post-Secondary Education for Americans Act

Summary

Guaranteed Post-Secondary Education for Americans Act - Provides, under the Internal Revenue Code, a refundable credit against tax for post-secondary education expenses for tuition and fees paid by the taxpayer attributable to the attendance of a student at an institution of post-secondary education. Stipulates that the credit allowed for post-secondary education expenses attributable to one student shall not exceed: (1) 80 percent of the amount of such expenses which does not exceed $500; (2) 60 percent of the amount of such expenses which is greater than $500 but does not exceed $1,000; and (3) 40 percent of such expenses which is greater than $1,000 but does not exceed $2,250. Permits the taxpayer to elect to apply the credit to the preceding taxable year. States that no deduction shall be allowed for any amount of post-secondary education expenses which is taken into account in determining the amount of the credit allowed under the provisions of this Act.

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1 official file

• Introduced in Senate

  summary · EN · 26 September 1974

  Open at official source

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