Youth Exchange Support Act of 2015

Bill: 114-hr-4296
Sponsor: full_name: Rep. Bishop, Rob [R-UT-1]
Introduced: 2015-12-18
Policy area: Taxation
Subjects: Charitable contributions

Elementary and secondary education

Income tax deductions

Inflation and prices
Latest action: action_date: 2015-12-18
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-12-18
action_desc: Introduced in House
text: <p><strong>Youth Exchange Support Act of 2015</strong></p> <p>This bill amends the Internal Revenue Code to increase from $50 to $400 per month the amount of the charitable contribution tax deduction for taxpayers who provide housing and support to a student enrolled in an educational program. This increased amount is adjusted for inflation for taxable years beginning after 2016. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 4296 IN THE HOUSE OF REPRESENTATIVES December 18, 2015 Mr. Bishop of Utah (for himself and Mr. Crowley ) 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 increase the deduction for host families of foreign exchange and other students from $50 per month to $400 per month.

1. Short title This Act may be cited as the Youth Exchange Support Act of 2015 . 2. Increase in charitable deduction for amounts paid to maintain certain students as members of taxpayer’s household (a) In general Section 170(g)(2)(A) of the Internal Revenue Code of 1986 (relating to amounts paid to maintain certain students as members of taxpayer’s household) is amended by striking $50 and inserting $400 . (b) Adjustment for inflation Section 170(g) of such Code is amended by adding at the end the following new paragraph: (5) Adjustment for inflation (A) In general In the case of any taxable year beginning in a calendar year after 2016, the $400 amount contained in paragraph (2)(A) shall be increased by an amount equal to— (i) $400, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins by substituting calendar year 2015 for calendar year 1992 in subparagraph (B) thereof. (B) Rounding If any increase determined under subparagraph (A) is not a multiple of $10, such increase shall be rounded to the next highest multiple of $10. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2015.