[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 1724 Introduced in Senate (IS)]







105th CONGRESS
  2d Session
                                S. 1724

 To amend the Internal Revenue Code of 1986 to repeal the information 
  reporting requirement relating to the Hope Scholarship and Lifetime 
Learning Credits imposed on educational institutions and certain other 
                         trades and businesses.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 6, 1998

     Ms. Collins (for herself, Mr. DeWine, Mr. Bond, Mr. Enzi, Mr. 
 Faircloth, Mr. Hatch, Mr. Helms, Mrs. Hutchison, Mr. Roberts, and Mr. 
 Smith of Oregon) 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 repeal the information 
  reporting requirement relating to the Hope Scholarship and Lifetime 
Learning Credits imposed on educational institutions and certain other 
                         trades and businesses.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Higher Education Reporting Relief 
Act''.

SEC. 2. INFORMATION REPORTING REQUIREMENT RELATING TO HOPE SCHOLARSHIP 
              AND LIFETIME LEARNING CREDITS.

    (a) Repeal of Requirement To Submit Information Return.--Section 
6050S of the Internal Revenue Code of 1986 (relating to returns 
relating to payments for qualified tuition and related expenses) is 
repealed.
    (b) Requirement for Taxpayer To Provide Identifying Information.--
Subsection (g) of section 25A of such Code (relating to special rules) 
is amended by adding at the end the following new paragraph:
            ``(8) Identifying information required with respect to 
        educational institution.--No credit shall be allowed under 
        subsection (a) with respect to qualified tuition and related 
        expenses paid to an eligible educational institution unless--
                    ``(A) the name, address, and taxpayer 
                identification number of such institution is included 
                on the return claiming the credit, or
                    ``(B) if such institution is an organization 
                described in section 501(c)(3) and exempt from tax 
                under section 501(a), the name and address of such 
                institution is included on the return claiming the 
                credit.''
    (c) Conforming Amendments.--
            (1) The heading for paragraph (1) of section 25A(g) of such 
        Code is amended to read as follows: ``Identification 
        requirement with respect to individual for whom expenses 
        paid.--''.
            (2) Subparagraph (B) of section 6724(d)(1) of such Code 
        (relating to definitions of information return) is amended by 
        striking clause (ix) and by redesignating clauses (x) through 
        (xv) as clauses (ix) through (xiv), respectively.
            (3) Paragraph (2) of section 6724(d) of such Code is 
        amended by inserting ``or'' at the end of the subparagraph (X), 
        by striking ``, or'' at the end of subparagraph (Y) and 
        inserting a period, and by striking subparagraph (Z).
    (d) Clerical Amendment.--The table of sections for subpart B of 
part III of subchapter A of chapter 61 of such Code is amended by 
striking the item relating to section 6050S.
    (e) Effective Date.--The amendments made by this section shall 
apply to expenses paid after December 31, 1997, for education furnished 
in academic periods beginning after December 31, 1997.
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