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S 454 110th Congress Senate Education Congress Economics and Public Finance Education savings accounts Employee benefit plans Federal aid to education Higher education Income tax Interest Labor and Employment Scholarships Student loan funds Sunset legislation Tax deductions Tax exclusion Taxation

Improving Access to Higher Education Act of 2007

Introduced: January 31, 2007 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
Jan 31, 2007
Read twice and referred to the Committee on Finance.
Jan 31, 2007
Sponsor introductory remarks on measure. (CR S1430-1431)
Jan 31, 2007
Introduced in Senate
 Plain-English summary Congressional Research Service

Improving Access to Higher Education Act of 2007 - Amends the Higher Education Act of 1965 to increase the maximum Pell Grant award to $5,100 for the 2007-2008 academic year. Raises the minimum Pell Grant award from $400 to $500.

Amends the Internal Revenue Code to raise: (1) the maximum student loan interest deduction to $3,750; and (2) the modified adjusted gross income level where such deduction begins to be phased-out.

Exempts from the sunset provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA): (1) the elimination of the 60-month limit on the period of such deduction; and (2) the increase in the income limitation on such deduction.

Increases the maximum annual contribution limit for Coverdell education savings accounts from $2,000 to $3,000, and makes such increase permanent.

Repeals the EGTRRA sunset on the tax exclusion of employer-provided educational assistance.

What's happening now January 31, 2007

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1