College Affordability and Access Act of 1997

Summary

College Affordability and Access Act of 1997 - Amends the Internal Revenue Code to make the employer-provided educational assistance program exclusion permanent and extend it to cover graduate and professional as well as undergraduate education. Establishes an income-based deduction of up to $2,750 per year for certain qualified higher education loan interest paid for a taxpayer, spouse, or dependent. Allows the deduction for married couples only if they file a joint return. Allows the deduction whether or not the taxpayer itemizes deductions. Sets forth reporting requirements. Excludes from taxation higher education savings accounts, permitting limited annual contributions for the account holder's qualified higher education costs. Subjects account distributions used for nonqualifying purposes to taxation, including an additional ten percent tax. Sets forth related reporting requirements.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 June 1997

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 June 1997

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 18 June 1997

  Open at official source

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