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HR 4837 109th Congress House Taxation College costs Congress Economics and Public Finance Education Finance and Financial Sector Higher education Income tax Indexing (Economic policy) Interest Student loan funds Sunset legislation Tax deductions

Affordable College Education Act of 2006

Introduced: March 1, 2006 Introduced by: Lofgren, Zoe Democratic · California See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 1, 2006
Referred to the House Committee on Ways and Means.
Mar 1, 2006
Introduced in House
 Plain-English summary Congressional Research Service

Affordable College Education Act of 2006 - Amends the Internal Revenue Code to modify the tax deduction for higher education expenses by: (1) increasing the types of higher education expenses eligible for the deduction (2) eliminating the dollar limitations on the deduction; and (3) making the deduction permanent.

Increases from $50,000 to $350,000 the modified adjusted gross income ceiling used to calculate the phaseout of the tax deduction for interest on education loans. Adjusts such ceiling for inflation after 2006.

Makes the sunset provision (i.e., termination date of December 31, 2010) under the Economic Growth and Tax Relief Reconciliation Act of 2001 inapplicable to: (1) the elimination of certain limitations on the tax deduction for interest on education loans; and (2) the tax deduction for qualified tuition and related expenses.

What's happening now March 1, 2006

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1