To amend the Internal Revenue Code of 1986 to exclude scholarships and fellowships from income, to restore the deduction for interest on educational loans, and to permit penalty-free withdrawals from individual retirement plans to pay higher education expenses.
Education Affordability Act of 1997 - Amends the Internal Revenue Code to: (1) exclude qualified scholarships and fellowships from income; (2) allow the deduction of interest on qualified educational loans; and (3) permit distributions from individual retirement accounts to be used for qualified educational expenses.
Disapproval bills introduced: S. 1157 and H.R. 2444.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E150)
Referred to the House Committee on Ways and Means.
See H.R.2014.
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