[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 2366 Introduced in Senate (IS)]

103d CONGRESS
  2d Session
                                S. 2366

  To amend the Internal Revenue Code of 1986 to extend the tax-exempt 
                status of Christa McAuliffe Fellowships.


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                   IN THE SENATE OF THE UNITED STATES

                             August 5, 1994

   Mr. Hatch introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to extend the tax-exempt 
                status of Christa McAuliffe Fellowships.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, the Internal Revenue 
Code of 1986 (relating to qualified scholarships) is amended by adding 
at the end thereof the following new subsection:
    ``(e) Christa McAuliffe Fellowships.--In the case of an individual 
who is a Christa McAuliffe Fellow (as defined in section 561(b) of the 
Higher Education Act of 1965) and is awarded a fellowship pursuant to 
section 561 of such Act, gross income shall not include any amount of 
such fellowship award--
            ``(1) which is expended for a project approved by the 
        Secretary of Education pursuant to section 563(b) of such Act, 
        and
            ``(2) which is not expended directly or indirectly for the 
        personal use or benefit of such individual.''.
    (b) The amendment made by subsection (a) shall apply to amounts 
received on or after July 1, 1990, in taxable years ending on or after 
such date.
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