A bill to amend the Internal Revenue Code of 1986 to consolidate the current education tax incentives into one credit against income tax for higher education expenses, and for other purposes.
Higher Education and Skills Obtainment Act - Amends the Internal Revenue Code to replace the Hope Scholarship and Lifetime Learning tax credits with a tax credit for full and part-time post-secondary students equal to 100% of qualified tuition and related expenses up to $2,000, plus 25% of such expenses as exceeds $2,000 but not more than $4,000. Reduces the allowable amount of such credit to the extent that household income exceeds 400% of the federal poverty line. Repeals the tax deduction for qualified tuition and related expenses.
Expresses the sense of Congress that any revenue saved by the enactment of this Act shall be applied to the currently projected Pell Grant funding shortfall in 2015 and to deficit reduction.
Referred to the House Committee on Ways and Means.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 493.
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 the House Committee on Ways and Means.
Read twice and referred to the Committee on Finance.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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