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S 930 105th Congress Senate Taxation College costs Cost of living adjustments Economics and Public Finance Education Education savings accounts Excise tax Families Finance and Financial Sector Fringe benefits Government Operations and Politics Government paperwork Graduate education Higher education Income tax Indexing (Economic policy) Interest Labor and Employment Married people Personal income tax

College Affordability and Access Act of 1997

Introduced: June 18, 1997 Introduced by: Collins, Susan M. Republican · Maine See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 19, 1997
Sponsor introductory remarks on measure. (CR S5951-5952)
Jun 18, 1997
Read twice and referred to the Committee on Finance.
Jun 18, 1997
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now June 19, 1997

Sponsor introductory remarks on measure. (CR S5951-5952)

 Committees of jurisdiction 1