S 759
109th Congress
Senate
Taxation
College costs
Congress
Cost of living adjustments
Economics and Public Finance
Education
Finance and Financial Sector
Government Operations and Politics
Higher education
Income tax
Indexing (Economic policy)
Interest
Labor and Employment
Student loan funds
Sunset legislation
Tax credits
Tax deductions
Vocational and technical education
Make College Affordable Act of 2005
Introduced: April 11, 2005
Introduced by:
Schumer, Charles E.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 1, 2005
Referred to the Committee on Finance.
Jul 1, 2005
Senate Committee on the Judiciary discharged by Unanimous Consent.
Apr 11, 2005
Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S3432)
Apr 11, 2005
Introduced in Senate
Plain-English summary
Make College Affordable Act of 2005 - Amends the Internal Revenue Code to: (1) increase the amount of the tax deduction for higher education tuition and related expenses; and (2) allow a tax credit for up to $1,500 of the interest paid annually on certain student loans for higher education expenses. Reduces the allowable amount of both the tax deduction and the tax credit based upon taxpayer adjusted gross income levels. Provides for an inflation adjustment for calendar years after 2005 to such adjusted gross income levels.
Makes the tax deduction for higher education tuition and related expenses permanent.
What's happening now
Referred to the Committee on Finance.
Committees of jurisdiction
2