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H.R.866 — 93rd Congress (1973-1974) [93rd]
Sponsor:
Rep. Murphy, John M. [D-NY-17] (Introduced 01/03/1973)

Summary:
Summary: H.R.866 — 93rd Congress (1973-1974)

There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/03/1973)

Higher Education Funding Act - Authorizes an income tax deduction under the Internal Revenue Code for contributions to a qualified higher education fund established by the taxpayer for the purposes of funding the higher education of his dependents. Limits the amount of the deduction to the lesser of: (1) $500 times the number of qualified beneficiaries; (2) 10 percent of the taxpayer's adjusted gross income; or (3) $2,500.

Provides that a qualified education fund must be established by the taxpayer pursuant to a written plan: (A) solely for the purpose of defraying the cost of room, board, and tuition at an institution of higher education of one or more eligible beneficiaries; (B) which provides that no distribution shall be made by the fund (except upon termination thereof) other than to, or on behalf of, eligible beneficiaries; (C) which provides that upon termination of the fund all assets of the funds shall be distributed to the taxpayer or to his estate; (D) which prohibits contributions to the fund in excess of amounts deductible; and (E) under which the taxpayer consents to the income tax treatment upon termination of the fund.

Defines "institution of higher education" as an educational institution: (A) which regularly offers education at a level above the twelfth grade; (B) contributions to or for the use of which constitute charitable contributions; (C) which is legally authorized to provide and does provide a program of postsecondary education; and (D) which is accredited by a nationally recognized accrediting agency or association listed by the United States Commissioner of Education.


Major Actions:
Summary: H.R.866 — 93rd Congress (1973-1974)

There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/03/1973)

Higher Education Funding Act - Authorizes an income tax deduction under the Internal Revenue Code for contributions to a qualified higher education fund established by the taxpayer for the purposes of funding the higher education of his dependents. Limits the amount of the deduction to the lesser of: (1) $500 times the number of qualified beneficiaries; (2) 10 percent of the taxpayer's adjusted gross income; or (3) $2,500.

Provides that a qualified education fund must be established by the taxpayer pursuant to a written plan: (A) solely for the purpose of defraying the cost of room, board, and tuition at an institution of higher education of one or more eligible beneficiaries; (B) which provides that no distribution shall be made by the fund (except upon termination thereof) other than to, or on behalf of, eligible beneficiaries; (C) which provides that upon termination of the fund all assets of the funds shall be distributed to the taxpayer or to his estate; (D) which prohibits contributions to the fund in excess of amounts deductible; and (E) under which the taxpayer consents to the income tax treatment upon termination of the fund.

Defines "institution of higher education" as an educational institution: (A) which regularly offers education at a level above the twelfth grade; (B) contributions to or for the use of which constitute charitable contributions; (C) which is legally authorized to provide and does provide a program of postsecondary education; and (D) which is accredited by a nationally recognized accrediting agency or association listed by the United States Commissioner of Education.


Amendments:
Summary: H.R.866 — 93rd Congress (1973-1974)

There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/03/1973)

Higher Education Funding Act - Authorizes an income tax deduction under the Internal Revenue Code for contributions to a qualified higher education fund established by the taxpayer for the purposes of funding the higher education of his dependents. Limits the amount of the deduction to the lesser of: (1) $500 times the number of qualified beneficiaries; (2) 10 percent of the taxpayer's adjusted gross income; or (3) $2,500.

Provides that a qualified education fund must be established by the taxpayer pursuant to a written plan: (A) solely for the purpose of defraying the cost of room, board, and tuition at an institution of higher education of one or more eligible beneficiaries; (B) which provides that no distribution shall be made by the fund (except upon termination thereof) other than to, or on behalf of, eligible beneficiaries; (C) which provides that upon termination of the fund all assets of the funds shall be distributed to the taxpayer or to his estate; (D) which prohibits contributions to the fund in excess of amounts deductible; and (E) under which the taxpayer consents to the income tax treatment upon termination of the fund.

Defines "institution of higher education" as an educational institution: (A) which regularly offers education at a level above the twelfth grade; (B) contributions to or for the use of which constitute charitable contributions; (C) which is legally authorized to provide and does provide a program of postsecondary education; and (D) which is accredited by a nationally recognized accrediting agency or association listed by the United States Commissioner of Education.


Cosponsors:
Summary: H.R.866 — 93rd Congress (1973-1974)

There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/03/1973)

Higher Education Funding Act - Authorizes an income tax deduction under the Internal Revenue Code for contributions to a qualified higher education fund established by the taxpayer for the purposes of funding the higher education of his dependents. Limits the amount of the deduction to the lesser of: (1) $500 times the number of qualified beneficiaries; (2) 10 percent of the taxpayer's adjusted gross income; or (3) $2,500.

Provides that a qualified education fund must be established by the taxpayer pursuant to a written plan: (A) solely for the purpose of defraying the cost of room, board, and tuition at an institution of higher education of one or more eligible beneficiaries; (B) which provides that no distribution shall be made by the fund (except upon termination thereof) other than to, or on behalf of, eligible beneficiaries; (C) which provides that upon termination of the fund all assets of the funds shall be distributed to the taxpayer or to his estate; (D) which prohibits contributions to the fund in excess of amounts deductible; and (E) under which the taxpayer consents to the income tax treatment upon termination of the fund.

Defines "institution of higher education" as an educational institution: (A) which regularly offers education at a level above the twelfth grade; (B) contributions to or for the use of which constitute charitable contributions; (C) which is legally authorized to provide and does provide a program of postsecondary education; and (D) which is accredited by a nationally recognized accrediting agency or association listed by the United States Commissioner of Education.


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