Higher Education Affordability and Equity Act of 2005

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

R EnglishSponsor

53 cosponsors · 21 D, 32 R

6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

What it does: CRS summary · Introduced in House · Mar 17, 2005

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 "qualified education benefit" as a tax-exempt tuition credits program, a State education prepayment plan, and a Coverdell education savings account.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Higher Education Affordability and Equity Act of 2005

Latest action (Apr 18, 2005): Referred to the Subcommittee on 21st Century Competitiveness.

Policy area: Taxation · Origin: House · Introduced: Mar 17, 2005

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.