Home
Solutions
Products
Pricing
Resources
Request Demo
Start Free
Menu Search Account

LegiStorm

Get LegiStorm App Visit Product Demo Website
» Get LegiStorm App
» Get LegiStorm Pro Free Demo
StateStorm

Weekly Updates

LegiStorm is constantly adding new information on the people, places and reports in our database. In the past week, LegiStorm added:

  • 1459 new people
  • 45 new organizations
  • 1484 new photos
  • 1777 job history records for people in our database
  • 597 education records for people in our database
  • 2910 contact addresses, emails and URLs (LinkedIn, Facebook, etc.)
  • 2 new people through the revolving door
  • 257 new policy reports
  • 19 new trips to our privately funded travel database
  • 13056 new press releases
  • 19 new town halls

Caught Our Eye Rss

» More from Caught Our Eye
» More from our DevBlog

Higher Education Tax Benefits: Brief Overview and Budgetary Effects (CRS Report for Congress)

Premium   Purchase PDF for $24.95 (17 pages)
add to cart or subscribe for unlimited access
Release Date Revised Dec. 21, 2022
Report Number R41967
Report Type Report
Authors Margot L. Crandall-Hollick
Source Agency Congressional Research Service
Older Revisions
  • Premium   Revised May 26, 2021 (18 pages, $24.95) add
  • Premium   Revised May 3, 2021 (18 pages, $24.95) add
  • Premium   Revised Oct. 7, 2020 (18 pages, $24.95) add
  • Premium   Revised July 20, 2020 (18 pages, $24.95) add
  • Premium   Revised Feb. 24, 2020 (18 pages, $24.95) add
  • Premium   Revised Aug. 27, 2018 (16 pages, $24.95) add
  • Premium   Revised June 11, 2018 (17 pages, $24.95) add
  • Premium   Revised April 23, 2018 (16 pages, $24.95) add
  • Premium   Revised April 16, 2018 (16 pages, $24.95) add
  • Premium   Revised April 6, 2018 (16 pages, $24.95) add
  • Premium   Revised Feb. 1, 2016 (13 pages, $24.95) add
  • Premium   Revised Jan. 28, 2016 (13 pages, $24.95) add
  • Premium   Revised March 12, 2013 (12 pages, $24.95) add
  • Premium   Revised Sept. 25, 2012 (12 pages, $24.95) add
  • Premium   Revised July 10, 2012 (11 pages, $24.95) add
  • Premium   Aug. 24, 2011 (10 pages, $24.95) add
Summary:

The federal government provides financial assistance to individuals for higher education expenses in two major ways: tax benefits and traditional student aid (loans, grants, and work-study assistance). Since 1997, education tax benefits have become an increasingly important component of federal higher education policy. In 2017, 14 tax benefits are available for college students and their parents to help pay for higher education. The available tax benefits are a mixture of credits, deductions, exclusions, and other incentives. The Joint Committee on Taxation (JCT) estimates the cost to the federal government of education tax benefits—the revenue foregone from offering these benefits—to be $142 billion between 2017 and 2021. This report provides a brief overview of the higher education tax benefits that are currently available to students and their families. These tax benefits can be divided into three groups: 1. incentives for current year expenses, 2. incentives for preferential tax treatment of student loan expenses, and 3. incentives for saving for college. In 2017, incentives for current expenses include two tax credits: the American Opportunity and Lifetime Learning tax credits; two deductions: an above-the-line deduction for tuition and fees and a deduction for work-related education expenses; two exclusions: an exclusion for scholarships, fellowship income, and tuition reductions, and an exclusion for employer-provided education benefits; and a personal exemption for student dependents aged 19 to 23. Under current law the tuition and fees deduction expired at the end of 2017 and the personal exemption (including for student dependents aged 19 to 23) is temporarily suspended from 2018 through the end of 2025. Tax benefits for student loan expenses include a deduction for interest paid on student loans and an exclusion from income for the amount of forgiven student loans. College saving tax incentives include Qualified Tuition Plans (529 plans); Coverdell education savings accounts (ESAs); an education savings bond program; withdrawals from individual retirement accounts (IRAs) to pay for college expenses without penalty; and the allowance of uniform transfers to minors. (Both Coverdells and 529s can also be used for certain K-12 education expenses, subject to limitations.)
HomeAbout Us Contact UsPrivacy PolicyTerms of UseJoin Us
© LegiStorm
LegiStorm
2101 L St. NW, Suite 300
Washington, DC 20037
(202) 360-4172 / congress@legistorm.com