To amend the Internal Revenue Code of 1986 to provide for the establishment of lifetime learning accounts for the purpose of accumulating funds to pay the qualified expenses related to higher education and job training of the taxpayer and the taxpayer's family.
TABLE OF CONTENTS:
Title I: Lifetime Learning Accounts
Title II: Increase in Maximum Pell Grant Awards
Title III: Restoration of Deduction for Interest on
Educational Loans
Lifetime Learning Affordability Act of 1997 - Title I: Lifetime Learning Accounts - Amends the Internal Revenue Code to allow an annual deduction ($4,000 or $2,000 for a married single filer) for contributions to a lifetime learning account established to pay for higher education or job training expenses of the taxpayer or family member. Sets forth provisions regarding: (1) deductibility income limitations; (2) account ceilings; (3) age and contribution restrictions; and (4) tax treatment of distributions.
Title II: Increase in Maximum Pell Grant Awards - Amends the Higher Education Act of 1965 to increase maximum Pell Grant awards.
Title III: Restoration of Deduction for Interest on Educational Loans - Amends the Code to allow an annual deduction for interest on qualified educational loans for a taxpayer, spouse, or dependent.
Introduced in House
Introduced in House
Referred to House Ways and Means
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.
Referred to House Education and the Workforce
Sponsor introductory remarks on measure. (CR H4072)
Referred to the Subcommittee on Postsecondary Education, Training and Life-Long Learning.
Sponsor introductory remarks on measure. (CR H5669)
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