A bill to amend the Internal Revenue Code of 1986 to expand the deduction for interest on education loans, to extend and expand the deduction for qualified tuition and related expenses, and eliminate the limitation on contributions to Coverdell education savings accounts.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (May 13, 2019)
This bill expands several tax deductions for education expenses. Specifically, the bill includes provisions that (1) allow an unlimited tax deduction for student loan interest, (2) repeal the dollar limitation on the tax deduction for qualified tuition and related expenses and make such deduction permanent, (3) allow carryovers to succeeding taxable years of amounts of the deductions for student loan interest and qualified tuition and related expenses that exceed a taxpayer's taxable income, and (4) repeal the dollar limitation on contributions to a Coverdell Education Savings Account.
What just happenedMay 13, 2019
Read twice and referred to the Committee on Finance.
Who’s behind it
- Introduced in SenateMay 13, 2019
- May 13, 2019IntroReferral
Read twice and referred to the Committee on Finance.
Finance Committee - May 13, 2019IntroReferral10000
Introduced in Senate