HR 1380 109th Congress House Taxation Armed Forces and National Security College costs Congress Cost of living adjustments Economics and Public Finance Education Education savings accounts Employee benefit plans Equipment and supplies Federal aid to education Finance and Financial Sector Government Operations and Politics Government paperwork Health Higher education Income tax Indexing (Economic policy) Interest Labor and Employment

Higher Education Affordability and Equity Act of 2005

Introduced: March 17, 2005 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 18, 2005

Referred to the Subcommittee on 21st Century Competitiveness.

Mar 17, 2005

Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Mar 17, 2005

Introduced in House

Plain-English summary Congressional Research Service

Higher Education Affordability and Equity Act of 2005 - Amends the Internal Revenue Code to: (1) repeal the dollar limitation on the tax deduction for interest on education loans and expand eligibility for such deduction by revising the modified adjusted gross income phaseout for such deduction; (2) make the tax deduction for qualified tuition and related expenses permanent; (3) increase from $2,000 to $5,000 the maximum allowable contribution to a Coverdell savings account; (4) exclude from gross income amounts received for qualified higher education expenses (e.g., books, supplies, room, board, and special needs services); and (5) allow certain additional expenses (e.g., fees, books, supplies, and equipment) for purposes of the Hope Scholarship Tax Credit and provide that such tax credit shall not be reduced by Federal Pell Grants and Supplemental Educational Opportunity (SEOG) Grants.

Repeals the sunset provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) applicable to title IV, subtitles A, B, and D (Affordable Education Provisions) of such Act.

Amends the Higher Education Act of 1965 (HEA) to provide that a qualified education benefit shall not be considered an asset of a student for purposes of a student financial need analysis. Defines "qualified education benefit" as a tax-exempt tuition credits program, a State education prepayment plan, and a Coverdell education savings account.

What's happening now April 18, 2005

Referred to the Subcommittee on 21st Century Competitiveness.

Committees of jurisdiction 3