S. 1120 would amend the Internal Revenue Code of 1986 to conform the definitions of qualifying expenses for purposes of education tax benefits.
Detailed Summary
Amends the Internal Revenue Code to provide a uniform definition of higher education expenses for purposes of provisions allowing for: (1) penalty-free distributions from individual retirement accounts (IRAs) for education expenses; (2) tax exclusions for the value of college scholarships and for income from U.S. savings bonds used to pay education expenses; (3) the tax deduction for qualified tuition and related expenses; and (4) qualified tuition programs.
Status of the Legislation
Latest Major Action: 5/21/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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