3.0.0 2007 2023-01-11T13:38:14Z 2023-01-11T13:38:14Z Senate S 2017-10-25 115 ssfi00 Finance Committee Senate Standing Referred to 2017-10-25T18:56:28Z Upward Mobility Enhancement Act 115 4135 HR 2017-10-25 Referred to the House Committee on Ways and Means. Related bill CRS Stronger Way Act 115 1938 S 2017-10-05 Read twice and referred to the Committee on Finance. Related bill CRS 2017-10-25 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-10-25 Introduced in Senate IntroReferral 10000 9 Library of Congress F000444 Sen. Flake, Jeff [R-AZ] JEFF FLAKE R AZ N C001113 Sen. Cortez Masto, Catherine [D-NV] Catherine Cortez Masto D NV 2017-10-25 True K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2018-01-10 False Taxation Employee benefits and pensions Income tax exclusion Inflation and prices Student aid and college costs Taxation 00 2017-10-25 Introduced in Senate 2017-11-20T16:04:13Z Upward Mobility Enhancement Act

This bill amends the Internal Revenue Code, with respect to the exclusion for educational assistance programs, to increase the maximum amount of employer-provided educational assistance that may be excluded from the gross income of an employee.

The bill: (1) specifies that the exclusion applies only to the first $11,500 of educational assistance furnished to an individual during a calendar year, and (2) requires the $11,500 amount to be adjusted for inflation after 2017.

(Under current law, the exclusion applies only to the first $5,250 of educational assistance furnished to an individual during a calendar year and is not adjusted for inflation.)

]]> Upward Mobility Enhancement Act Display Title Upward Mobility Enhancement Act Short Titles as Introduced Upward Mobility Enhancement Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to increase the exclusion for educational assistance programs. Introduced in Senate 2017-10-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s2007is/xml/BILLS-115s2007is.xml 2017-10-25 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.