Student and Family Tax Simplification Act

Bill: 113-hr-3393
Sponsor: Rep. Black, Diane [R-TN-6]
Introduced: 2013-10-30 in the House
Policy area: Taxation
Subjects: Higher education
Income tax credits
Income tax exclusion
Student aid and college costs
Tax treatment of families

Summary:
action_date: 2013-10-30
text: 
Student and Family Tax Simplification Act - Amends the Internal Revenue Code to provide for an American Opportunity Tax Credit, in lieu of the current Hope Scholarship and Lifetime Learning tax credits and the tax deduction for qualified tuition and related expenses, that provides for a credit of 100% of qualified tuition and related expenses (i.e., tuition, fees, and course materials) up to $2,000, plus 25% of such expenses as exceeds $2,000 but not more than $4,000. Reduces the allowable amount of such credit based upon the taxpayer's modified adjusted gross income. Allows an exclusion from gross income for amounts received as a Federal Pell Grant.

action_date: 2014-07-17
text: 
Student and Family Tax Simplification Act - Amends the Internal Revenue Code to provide for an American Opportunity Tax Credit, in lieu of the current Hope Scholarship and Lifetime Learning tax credits and the tax deduction for qualified tuition and related expenses, that provides for each eligible student (i.e., a student who meets certain requirements of the Higher Education Act of 1965 and who is carrying at least 1/2 the normal full-time course load) a credit of 100% of up to $2,000 of qualified tuition and related expenses (i.e., tuition, fees, and course materials, excluding expenses for courses involving sports, games, or hobbies or for expenses unrelated to academic instruction), plus 25% of so much of such expenses as exceeds $2,000, but not more than $4,000. Makes up to $1,500 of such credit refundable. Modifies the phaseout of such credit based on taxpayer modified adjusted gross income by increasing the income level for such phaseout. Allows an inflation adjustment to credit and phaseout amounts for taxable years beginning after 2018.
 
Eliminates the disallowance of the credit for students who have been convicted of a felony drug offense. 
 
Requires a taxpayer claiming such credit to include on the taxpayer's tax return the employer identification number of the educational institution to which qualified tuition and related expenses were paid.
 
Excludes from gross income, for income tax purposes, amounts received as a Federal Pell Grant in taxable years beginning after 2014.

action_date: 2014-07-24
text: 

Title I: Student and Family Tax Simplification Act
 - Student and Family Tax Simplification Act - (Sec. 102) Amends the Internal Revenue Code to provide for an American Opportunity Tax Credit, in lieu of the current Hope Scholarship and Lifetime Learning tax credits and the tax deduction for qualified tuition and related expenses, that provides for each eligible student (i.e., a student who meets certain requirements of the Higher Education Act of 1965 and who is carrying at least 1/2 the normal full-time course load) a credit of 100% of up to $2,000 of qualified tuition and related expenses (i.e., tuition, fees, and course materials, excluding expenses for courses involving sports, games, or hobbies or for expenses unrelated to academic instruction), plus 25% of so much of such expenses as exceeds $2,000, but not more than $4,000. Makes up to $1,500 of such credit refundable. Modifies the phaseout of such credit based on taxpayer modified adjusted gross income by increasing the income level for such phaseout. Allows an inflation adjustment to credit and phaseout amounts for taxable years beginning after 2018.
 
Eliminates the disallowance of the credit for students who have been convicted of a felony drug offense. 
 
Requires a taxpayer claiming such credit to include on the his or her tax return the employer identification number of the educational institution to which qualified tuition and related expenses were paid.
 
(Sec. 103) Excludes from gross income, for income tax purposes, amounts received as a Federal Pell Grant in taxable years beginning after 2014.
 
(Sec. 104) Prohibits the entry of the budgetary effects of this Act on any PAYGO (pay-as-you-go) scorecard. 
 

Title II: Child Tax Credit Improvement Act
 - Child Tax Credit Improvement Act of 2014 - (Sec. 202) Amends the Internal Revenue Code, with respect to the child tax credit, to: (1) increase from $110,00 to $150,000 ($75,000 for individual taxpayers and married taxpayers filing separately) the threshold amount applicable to married couples filing joint tax returns above which such tax credit is reduced, and (2) allow an inflation adjustment to the threshold amounts and the $1,000 credit amount beginning after 2014.
 
(Sec. 203) Requires taxpayers to include their social security numbers on their tax returns to claim the refundable portion of the child tax credit. 
 
(Sec. 204) Prohibits the entry of the budgetary effects of this Act on any PAYGO (pay-as-you-go) scorecard. 


Legislative actions:
action_date: 2014-07-29
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 493.
action_date: 2014-07-28
text: Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2014-07-24
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2014-07-24
text: On passage Passed by the Yeas and Nays: 227 - 187 (Roll no. 449).
action_date: 2014-07-24
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 227 - 187 (Roll no. 449).
action_date: 2014-07-24
text: On motion to recommit with instructions Failed by the Yeas and Nays: 195 - 219 (Roll no. 448).
action_date: 2014-07-24
text: The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H6790)
action_date: 2014-07-24
text: DEBATE - The House proceeded with 10 minutes of debate on the Sinema motion to recommit with instructions, pending reservation of a point of order. Subsequently, the point of order was withdrawn. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to require the Secretary of the Treasury to provide a table for student loan borrowers in any publication related to the underlying bill. That table shall illustrate their current monthly payments for higher education loans and the amount that they would pay for that same loan had they been able to benefit from the lower interest rates that would go into effect if H.R. 4582, Bank on Students Emergency Loan Refinancing Act, were passed.
action_date: 2014-07-24
text: Ms. Sinema moved to recommit with instructions to the Committee on Ways and Means. (consideration: CR H6789-6790; text: CR H6789)
action_date: 2014-07-24
text: The previous question was ordered pursuant to the rule. (consideration: CR H6789)
action_date: 2014-07-24
text: DEBATE - The House proceeded with one hour of debate on H.R. 3393.
action_date: 2014-07-24
text: The rule provides for the consideration of H.R. 3393 and H.R. 4935 under a closed rule.
action_date: 2014-07-24
text: Considered under the provisions of rule H. Res. 680. (consideration: CR H6779-6791; text of amendment in the nature of a substitute: CR H6779-6780)
action_date: 2014-07-23
text: Rules Committee Resolution H. Res. 680 Reported to House. The rule provides for the consideration of H.R. 3393 and H.R. 4935 under a closed rules.
action_date: 2014-07-17
text: Placed on the Union Calendar, Calendar No. 392.
action_date: 2014-07-17
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-526.
action_date: 2014-07-17
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-526.
action_date: 2014-06-25
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 22 - 13.
action_date: 2014-06-25
text: Committee Consideration and Mark-up Session Held.
action_date: 2013-10-30
text: Referred to the House Committee on Ways and Means.
action_date: 2013-10-30
text: Introduced in House
action_date: 2013-10-30
text: Introduced in House