S 2007
115th Congress
Senate
Taxation
Employee benefits and pensions
Income tax exclusion
Inflation and prices
Student aid and college costs
Upward Mobility Enhancement Act
Introduced: October 25, 2017
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 25, 2017
Read twice and referred to the Committee on Finance.
Oct 25, 2017
Introduced in Senate
Plain-English summary
Upward Mobility Enhancement Act
This bill amends the Internal Revenue Code, with respect to the exclusion for educational assistance programs, to increase the maximum amount of employer-provided educational assistance that may be excluded from the gross income of an employee.
The bill: (1) specifies that the exclusion applies only to the first $11,500 of educational assistance furnished to an individual during a calendar year, and (2) requires the $11,500 amount to be adjusted for inflation after 2017.
(Under current law, the exclusion applies only to the first $5,250 of educational assistance furnished to an individual during a calendar year and is not adjusted for inflation.)
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1