Higher Education Affordability and Equity Act of 2005

Bill: 109-hr-1380
Sponsor: Rep. English, Phil [R-PA-3]
Introduced: 2005-03-17 in the House
Policy area: Taxation
Subjects: Armed Forces and National Security
College costs
Congress
Cost of living adjustments
Economics and Public Finance
Education
Education savings accounts
Employee benefit plans
Equipment and supplies
Federal aid to education
Finance and Financial Sector
Government Operations and Politics
Government paperwork
Health
Higher education
Income tax
Indexing (Economic policy)
Interest
Labor and Employment
Medical education
Medical personnel
Military medicine
Military personnel
Public health personnel
Scholarships
Student aid
Student loan funds
Sunset legislation
Tax deductions
Tax exclusion
Tax returns
Textbooks
Tuition tax credits

Summary:
action_date: 2005-03-17
text: 
Higher Education Affordability and Equity Act of 2005 - Amends the Internal Revenue Code to: (1) repeal the dollar limitation on the tax deduction for interest on education loans and expand eligibility for such deduction by revising the modified adjusted gross income phaseout for such deduction; (2) make the tax deduction for qualified tuition and related expenses permanent; (3) increase from $2,000 to $5,000 the maximum allowable contribution to a Coverdell savings account; (4) exclude from gross income amounts received for qualified higher education expenses (e.g., books, supplies, room, board, and special needs services); and (5) allow certain additional expenses (e.g., fees, books, supplies, and equipment) for purposes of the Hope Scholarship Tax Credit and provide that such tax credit shall not be reduced by Federal Pell Grants and Supplemental Educational Opportunity (SEOG) Grants.
 
Repeals the sunset provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) applicable to title IV, subtitles A, B, and D (Affordable Education Provisions) of such Act. 
 
Amends the Higher Education Act of 1965 (HEA) to provide that a qualified education benefit shall not be considered an asset of a student for purposes of a student financial need analysis. Defines &quot;qualified education benefit&quot; as a tax-exempt tuition credits program, a State education prepayment plan, and a Coverdell education savings account.


Legislative actions:
action_date: 2005-04-18
text: Referred to the Subcommittee on 21st Century Competitiveness.
action_date: 2005-03-17
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-03-17
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-03-17
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-03-17
text: Introduced in House
action_date: 2005-03-17
text: Introduced in House