To amend the Internal Revenue Code of 1986 to make higher education more affordable by providing tax benefits to individuals who save for, or pay for, higher education.
Family Affordable College Tuition Act of 1997 - Amends the Internal Revenue Code to provide an income-adjusted deduction for qualified higher education expenses and qualified higher education loan interest paid during the tax year.
Provides an income-adjusted deduction of up to $4000 for payments made to a qualified (higher) education savings plan during the tax year. Excludes plan distributions used to pay qualified education costs from gross income and dependent support determinations.
Disapproval bills introduced: S. 1157 and H.R. 2444.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
See H.R.2014.
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