[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 941 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 941

To amend the Internal Revenue Code of 1986 to modify the limitation on 
the deduction for college tuition and related expenses and to make the 
                          deduction permanent.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 17, 2005

  Mrs. Kelly 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 modify the limitation on 
the deduction for college tuition and related expenses and to make the 
                          deduction permanent.

    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 ``More Money for College Act''.

SEC. 2. DEDUCTION FOR COLLEGE TUITION AND RELATED EXPENSES.

    (a) Repeal of Dollar Limitation and Imposition of Income 
Limitation.--Section 222 of the Internal Revenue Code of 1986 (relating 
to qualified tuition and related expenses) is amended by striking 
subsection (b) and by inserting after subsection (a) the following new 
subsection:
    ``(b) Limitation.--
            ``(1) In general.--No deduction shall be allowed under 
        subsection (a) in the case of any taxpayer whose modified 
        adjusted gross income for the taxable year exceeds $80,000 
        (twice such amount in the case of a joint return).
            ``(2) Modified adjusted gross income.--For purposes of the 
        preceding sentence, the term `modified adjusted gross income' 
        means adjusted gross income determined--
                    ``(A) without regard to this section and sections 
                199, 911, 931, and 933, and
                    ``(B) after application of sections 86, 135, 137, 
                219, 221, and 469.
            ``(3) Inflation adjustment.--In the case of any taxable 
        year beginning in a calendar year after 2005, the dollar amount 
        in paragraph (1) shall be increased by an amount equal to the 
        product of--
                    ``(A) such dollar amount, and
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins, determined by substituting 
                `2004' for `1992' in subparagraph (B) thereof.
        If any increase determined under the preceding sentence is not 
        a multiple of $500, such increase shall be rounded to the 
        nearest multiple of $500.''.
    (b) Repeal of Termination Clause.--Section 222 of such Code is 
amended by striking subsection (e).
    (c) Effective Date.--The amendments made by this section shall 
apply to payments made in taxable years beginning after December 31, 
2004.
    (d) Provision Made Permanent.--Title IX of the Economic Growth and 
Tax Relief Reconciliation Act of 2001 (relating to sunset of provisions 
of such Act) shall not apply to section 431 of such Act.
                                 <all>