A bill to amend the Internal Revenue Code of 1986 to make higher education more affordable, and for other purposes.
Make College Affordable Act of 2005 - Amends the Internal Revenue Code to: (1) increase the amount of the tax deduction for higher education tuition and related expenses; and (2) allow a tax credit for up to $1,500 of the interest paid annually on certain student loans for higher education expenses. Reduces the allowable amount of both the tax deduction and the tax credit based upon taxpayer adjusted gross income levels. Provides for an inflation adjustment for calendar years after 2005 to such adjusted gross income levels.
Makes the tax deduction for higher education tuition and related expenses permanent.
Introduced in Senate
Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S3432)
Senate Committee on the Judiciary discharged by Unanimous Consent.
Senate Committee on the Judiciary discharged by Unanimous Consent.
Referred to the Committee on Finance.
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