A bill to amend section 117 of the Internal Revenue Code of 1986 to exclude Federal student aid from taxable gross income.
Make Student Grants Truly Tax-Free Act - Amends the Internal Revenue Code to expand the tax exclusion for scholarships to include amounts received: (1) through a scholarship or fellowship grant program administered by the Secretary of Education that is based on financial need, including a Federal Pell Grant, and (2) as an Iraq and Afghanistan Service grant under the Higher Education Act of 1965.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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