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Higher Education and Skills Obtainment Act
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.
- Not enactedThe President has not signed this bill
- The house has not voted
- The senate has not voted
Committee on FinanceIntroducedJune 4th, 2013
- senate Committees