3.0.0 454 2023-01-11T20:04:27Z 2023-01-11T20:04:27Z Senate S S 2007-01-31 110 ssfi00 Finance Committee Senate Standing Referred to 2007-01-31T22:22:17Z 2007-01-31 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-01-31 Sponsor introductory remarks on measure. (CR S1430-1431) IntroReferral B00100 9 Library of Congress 2007-01-31 Introduced in Senate IntroReferral 10000 9 Library of Congress C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. N Education Congress Economics and Public Finance Education savings accounts Employee benefit plans Federal aid to education Higher education Income tax Interest Labor and Employment Scholarships Student loan funds Sunset legislation Tax deductions Tax exclusion Taxation Education 00 2007-01-31 Introduced in Senate 2007-02-21T23:01:54Z Improving Access to Higher Education Act of 2007 - Amends the Higher Education Act of 1965 to increase the maximum Pell Grant award to $5,100 for the 2007-2008 academic year. Raises the minimum Pell Grant award from $400 to $500.

Amends the Internal Revenue Code to raise: (1) the maximum student loan interest deduction to $3,750; and (2) the modified adjusted gross income level where such deduction begins to be phased-out.

Exempts from the sunset provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA): (1) the elimination of the 60-month limit on the period of such deduction; and (2) the increase in the income limitation on such deduction.

Increases the maximum annual contribution limit for Coverdell education savings accounts from $2,000 to $3,000, and makes such increase permanent.

Repeals the EGTRRA sunset on the tax exclusion of employer-provided educational assistance.

]]> Improving Access to Higher Education Act of 2007 Official Title as Introduced A bill to provide an increase in funding for Federal Pell Grants, to amend the Internal Revenue Code of 1986 in order to expand the deduction for interest paid on student loans, raise the contribution limits for Coverdell Education Savings Accounts, and make the exclusion for employer provided educational assistance permanent, and for other purposes. Introduced in Senate IS Display Title Improving Access to Higher Education Act of 2007 Short Titles as Introduced Improving Access to Higher Education Act of 2007 Introduced in Senate 2007-01-31T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s454is/xml/BILLS-110s454is.xml 2007-01-31 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.