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HR 553 105th Congress House

Education Affordability Act of 1997

Official title: To amend the Internal Revenue Code of 1986 to exclude scholarships and fellowships from income, to restore the deduction for interest on educational loans, and… Show full official titleShow less

Official title: To amend the Internal Revenue Code of 1986 to exclude scholarships and fellowships from income, to restore the deduction for interest on educational loans, and to permit penalty-free withdrawals from individual retirement plans to pay higher education expenses.

Introduced: March 17, 1997 See on congress.gov
Taxation College costsEducationEducational financeFinance and Financial Sector
More subjectsShow fewer subjects
Higher educationIncome taxIndividual retirement accountsInterestLabor and EmploymentPersonal income taxScholarshipsStudent loan fundsTax deductionsTax exclusionTax penaltiesTax-deferred compensation plans
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This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 5, 1997
See H.R.2014.
Feb 4, 1997
Referred to the House Committee on Ways and Means.
Feb 4, 1997
Sponsor introductory remarks on measure. (CR E150)
Feb 4, 1997
Introduced in House
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 Latest action August 5, 1997

See H.R.2014.

 Plain-English summary Congressional Research Service

Education Affordability Act of 1997 - Amends the Internal Revenue Code to: (1) exclude qualified scholarships and fellowships from income; (2) allow the deduction of interest on qualified educational loans; and (3) permit distributions from individual retirement accounts to be used for qualified educational expenses.

 Related & companion bills 1
  • HR 2014 Procedurally related Taxpayer Relief Act of 1997
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 15
All 15 Democratic 8 Independent 1
D
Kaptur, Marcy
Ohio · Jul 22, 1997
 D
Norton, Eleanor Holmes
District of Columbia · May 1, 1997
 D
Pallone, Frank
New Jersey · May 1, 1997
 I
Sanders, Bernard
Vermont · May 1, 1997
GEPHARDT, RICHARD
· Apr 10, 1997
 D
Thompson, Bennie G.
Mississippi · Mar 21, 1997
CHRISTENSEN, DONNA
· Mar 17, 1997
 D
McGovern, James P.
Massachusetts · Mar 17, 1997
TURNER, JIM
· Mar 17, 1997
 D
DeGette, Diana
Colorado · Mar 11, 1997
Faleomavaega, Eni
· Mar 11, 1997
 D
Lofgren, Zoe
California · Mar 11, 1997
SANDLIN, MAX
· Mar 11, 1997
FROST, MARTIN
· Feb 27, 1997
 D
Pelosi, Nancy
California · Feb 12, 1997
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 553: Education Affordability Act of 1997. 105th Congress. Open America. https://openamerica.io/bill/105-HR-553/
MLA
"H.R. 553: Education Affordability Act of 1997." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-HR-553/.
Bluebook (legal)
H.R. 553, 105th Cong. (2026), https://openamerica.io/bill/105-HR-553/.
Markdown link
[H.R. 553: Education Affordability Act of 1997](https://openamerica.io/bill/105-HR-553/)
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