Lifetime Learning Credit Enhancement Act

Bill: 116-s-2819
Sponsor: full_name: Sen. Roberts, Pat [R-KS]
Introduced: 2019-11-07
Policy area: Taxation
Subjects: Higher education

Income tax credits

Income tax deductions

Student aid and college costs
Latest action: action_date: 2019-11-07
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-11-07
action_desc: Introduced in Senate
text: <p><b>Lifetime Learning Credit Enhancement Act</b></p> <p>This bill amends the Internal Revenue Code, with respect to the lifetime learning tax credit, to increase the taxpayer income ceiling for purposes of the phaseout of such credit. Under current law, the phaseout of the credit begins for a taxpayer with a modified adjusted gross income over $40,000 ($80,000 for joint returns). This bill doubles those amounts.</p>

tv_txt: II 116th CONGRESS 1st Session S. 2819 IN THE SENATE OF THE UNITED STATES November 7, 2019 Mr. Roberts introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to increase the income-based limitations for the Lifetime Learning Credit, and for other purposes.

1. Short title This Act may be cited as the Lifetime Learning Credit Enhancement Act . 2. Increase income limitations for phaseout of Lifetime Learning Credit (a) In general Section 25A of the Internal Revenue Code of 1986 is amended— (1) in subsection (d)(2)(A)(ii), by striking $40,000 ($80,000 and inserting $80,000 ($160,000 , and (2) in subsection (h)(1)— (A) by striking after 2001, the $40,000 and $80,000 amounts and inserting after 2020, the $80,000 and $160,000 amounts , and (B) by striking calendar year 2000 and inserting calendar year 2019 . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2019. 3. Repeal of expired deduction for qualified tuition and related expenses (a) In general Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 222 (and by striking the item relating to such section in the table of sections for such part). (b) Conforming amendments (1) Section 62(a) of such Code is amended by striking paragraph (18). (2) Section 74(d)(2)(B) of such Code is amended by striking 222, . (3) Section 86(b)(2)(A) of such Code is amended by striking 222, . (4) Section 135(c)(4)(A) of such Code is amended by striking 222, . (5) Section 137(b)(3)(A) of such Code is amended by striking 222, . (6) Section 219(g)(3)(A)(ii) of such Code is amended by striking 222, . (7) Section 221(b)(2)(C)(i) of such Code is amended by striking 222, . (8) Section 469(i)(3)(E)(iii) of such Code is amended by striking 222, . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017.