College Tuition Assistance Act of 2001

Summary

College Tuition Assistance Act of 2001 - Amends the Internal Revenue Code to allow an income-based deduction ($5,000 maximum for 2002; $10,000 maximum for 2003 and thereafter) for qualifying higher education tuition and related expenses on behalf of an individual who can be claimed as a personal exemption by a taxpayer. Increases the: (1) lifetime learning credit to 28 percent of qualified education expenses; and (2) related income eligibility levels. Eliminates specified needs-based educational assistance under the Higher Education Act of 1965 from financial eligibility computations for such credit and the hope scholarship credit. Amends education loan interest provisions to: (1) eliminate the 60-month deductibility limit; (2) increase joint filer income eligibility levels; and (3) apply deductibility limits on a per student basis. Amends the Higher Education Act of 1965 to increase Federal Pell grant amounts for academic years 2001-2002 and 2002-2003.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 May 2001

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 May 2001

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• Introduced in Senate

  summary · EN · 15 May 2001

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