[Congressional Record Volume 164, Number 25 (Thursday, February 8, 2018)]
[Senate]
[Page S843]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1939. Mr. MENENDEZ (for himself and Mr. Booker) submitted an 
amendment intended to be proposed to amendment SA 1930 proposed by Mr. 
McConnell to the bill H.R. 1892, to amend title 4, United States Code, 
to provide for the flying of the flag at half-staff in the event of the 
death of a first responder in the line of duty; which was ordered to 
lie on the table; as follows:

       On page 260, between lines 6 and 7, insert the following:

     SEC. 41120. CREDIT AGAINST TAX ON INVESTMENT INCOME OF 
                   PRIVATE COLLEGES AND UNIVERSITIES.

       (a) In General.--Subchapter B of chapter 65 is amended by 
     adding at the end the following new section:

     ``SEC. 6433. CREDIT AGAINST TAX ON INVESTMENT INCOME OF 
                   PRIVATE COLLEGES AND UNIVERSITIES.

       ``(a) Allowance of Credit.--There shall be allowed as a 
     credit against the tax imposed by section 4968 an amount 
     equal to so much of the qualified tuition waiver amount for 
     the taxable year as does not exceed the amount of such tax 
     for such taxable year.
       ``(b) Qualified Tuition Waiver Amount.--For purposes of 
     this section--
       ``(1) In general.--The term `qualified tuition waiver 
     amount' means the product of--
       ``(A) the regular tuition for a full-time student at the 
     applicable educational institution (as defined in section 
     4968(b)(1)) for academic periods during the taxable year, and
       ``(B) the number of qualified students attending the 
     applicable educational institution full-time during such 
     periods who do not pay any tuition.
       ``(2) Qualified student.--The term `qualified student' 
     means any full-time student if the total income (as defined 
     in section 480 of the Higher Education Act of 1965) for the 
     student's family, determined in accordance with part F of 
     title IV of such Act, does not exceed $150,000 for the 
     taxable year.
       ``(3) Exclusion of third-party scholarships, etc.--A 
     qualified student shall not be taken into account under 
     paragraph (1)(B) if the student's tuition is paid by any 
     person other than the applicable educational institution, 
     including by scholarship, grant, or loan.
       ``(c) Tuition.--For purposes of this section, the term 
     `tuition' does not include--
       ``(1) expenses for room and board, and
       ``(2) expenses described in section 117(b)(2)(B).''.
       (b) Clerical Amendment.--The table of sections for 
     subchapter B of chapter 65 is amended by adding at the end 
     the following new item:

``Sec. 6433. Credit against tax on investment income of private 
              colleges and universities.''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2017.
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