[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 826 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 826

To amend the Internal Revenue Code of 1986 to expand the tax incentives 
                         for higher education.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 2003

 Ms. Lofgren 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 expand the tax incentives 
                         for higher education.

    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 ``Affordable College Education Act of 
2003''.

SEC. 2. DEDUCTION FOR ALL HIGHER EDUCATION EXPENSES FOR ALL TAXPAYERS.

    (a) Deduction for All Higher Education Expenses.--
            (1) In general.--Section 222 of the Internal Revenue Code 
        of 1986 (relating to deduction for qualified tuition and 
        related expenses) is amended by striking ``qualified tuition 
        and related expenses'' each place it appears and inserting 
        ``qualified higher education expenses''.
            (2) Qualified higher education expenses.--Paragraph (1) of 
        section 222(d) of such Code is amended to read as follows:
            ``(1) Qualified higher education expenses.--The term 
        `qualified higher education expenses' has the meaning given to 
        such term by section 221(d)(2).''
    (b) Repeal of Dollar Limitation and Limitation Based on Adjusted 
Gross Income.--Section 222 of such Code is amended by striking 
subsection (b) and by redesignating subsections (c) and (d) as 
subsections (b) and (c), respectively.
    (c) Repeal of Termination.--Section 222 of such Code is amended by 
striking subsection (e).
    (d) Conforming Amendments.--
            (1) The item relating to section 222 in the table of 
        sections for part VII of subchapter B of chapter 1 of such Code 
        is amended by striking ``Qualified tuition and related 
        expenses'' and inserting ``Qualified higher education 
        expenses''.
            (2) Subsection (c) of section 222 of such Code (as 
        redesignated by subsection (b)) is amended by striking 
        paragraph (4) and by redesignating paragraphs (5) and (6) as 
        paragraphs (4) and (5), respectively.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2002.

SEC. 3. DEDUCTION FOR ALL EDUCATION LOAN INTEREST FOR ALL TAXPAYERS.

    (a) In General.--Section 221 of the Internal Revenue Code of 1986 
is amended by striking subsections (b) and (f) and by redesignating 
subsections (c), (d), and (e) as subsections (b), (c), and (d), 
respectively.
    (b) Conforming Amendment.--Subsection (d) of section 221 of such 
Code, as so redesignated, is amended to read as follows:
    ``(d) Denial of Double Benefit.--No deduction shall be allowed 
under this section for any amount for which a deduction is allowable 
under any other provision of this chapter.''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2002.
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