S. 1697 · 109th Congress
A bill to amend the Internal Revenue Code of 1986 to allow the Hope Scholarship Credit to cover fees, books, supplies, and equipment and to exempt Federal Pell Grants and Federal supplemental educational opportunity grants from reducing expenses taken into account for the Hope Scholarship Credit.
- Stage
- In committee
- Sponsor
- Gordon Smith
- Introduced
- 2005-09-14
- Latest action
- 2005-09-14 · Introduced in Senate
Summary
Amends the Internal Revenue Code to: (1) include certain additional expenses, such as fees, books, supplies and equipment, as qualified tuition and related expenses for purposes the Hope Scholarship Tax Credit; (2) exclude Federal Pell Grant and Supplemental Educational Opportunity Grant payments as mandatory reductions to expenses eligible for the Hope Scholarship Tax Credit; and (3) exempt the additional expenses allowed by this Act from certain tax reporting requirements.