[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 241 Introduced in House (IH)]

  1st Session
                                H. R. 241

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 4, 1995

 Mr. Emerson introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 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, That (a) section 117 of 
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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