Segal AmeriCorps Education Award Tax Relief Act of 2023

Bill: 118-s-3487
Sponsor: full_name: Sen. Bennet, Michael F. [D-CO]
Introduced: 2023-12-13
Policy area: Taxation
Latest action: action_date: 2023-12-13
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2023-12-13
action_desc: Introduced in Senate
text: <p><strong>Segal AmeriCorps Education Award Tax Relief Act of 2023</strong></p><p>This bill excludes from gross income amounts received as AmeriCorps educational awards provided under the National and Commuity Service Act of 1990. &nbsp;</p>

tv_txt: II 118th CONGRESS 1st Session S. 3487 IN THE SENATE OF THE UNITED STATES December 13, 2023 Mr. Bennet (for himself, Mr. Cassidy , Ms. Collins , Mr. Coons , Ms. Cortez Masto , and Mr. Wicker ) 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 provide an exclusion from gross income for AmeriCorps educational awards.

1. Short title This Act may be cited as the Segal AmeriCorps Education Award Tax Relief Act of 2023 . 2. Exclusion from gross income of AmeriCorps educational awards (a) In general Paragraph (2) of section 117(c) of the Internal Revenue Code of 1986 is amended by striking or at the end of subparagraph (B), by striking the period at the end of subparagraph (C) and inserting , or , and by adding at the end the following new subparagraph: (D) a national service educational award under subtitle D of title I of the National and Community Service Act of 1990. . (b) Exclusion of discharge of student loan debt Subsection (f) of section 108 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (6) Payments under national service educational award programs In the case of an individual, gross income shall not include any amount received under a national service educational award under subtitle D of title I of the National and Community Service Act of 1990 ( 42 U.S.C. 12601 et seq. ). . (c) Effective date The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.