Tax Credits And Other Tax Benefits For Higher Educational Expenses
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Tax Credits And Other Tax Benefits For Higher Educational Expenses
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Author : Library of Congress. Legislative Reference Service
language : en
Publisher:
Release Date : 1968
Tax Credits And Other Tax Benefits For Higher Educational Expenses written by Library of Congress. Legislative Reference Service and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1968 with Education, Higher categories.
Higher Education Tax Credits
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Author : Linda W. Cooke
language : en
Publisher: Nova Novinka
Release Date : 2006
Higher Education Tax Credits written by Linda W. Cooke and has been published by Nova Novinka this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
Education tax credits were introduced as a new subsidy for higher education in 1997 and have cost, on average, $4.6 billion a year in lost tax revenue since their enactment. The introduction of the Hope Credit and the Lifetime Learning Credit marked a dramatic increase in education spending through tax expenditures. Prior to 1997, tax incentives for higher education expenses totalled less than $2 billion in estimated lost revenue. The education tax credit program expanded the number of federal agencies involved in education policy making and increased the complexity and cost of administering the income tax system. This book provides analysis of the education tax credit program in the context of issues facing Congress in regard to higher education. This report begins with a review of the economic rationale for subsidising education, then describes federal subsidies for education in general and the education tax credits in particular. An analysis of the education credits follows and the report concludes with a discussion of education tax credit policy options. The Taxpayer Relief Act of 1997 established two permanent federal income tax credits, effective since tax year 1998, for qualified post secondary education expenses -- the Hope Scholarship credit and the Lifetime Learning credit. The Economic Growth and Tax Relief Reconciliation Act of 2001 created a temporary higher education tax deduction beginning in 2002. The Hope credit was introduced to help ensure that students have access to the first two years of undergraduate education. The Lifetime Learning credit and tuition and fees deduction provide support for students in any year of undergraduate and graduate study; they are unique in that they are available to individuals taking occasional courses. Only one of the three tax benefits may be taken in the same tax year for the same eligible student's qualified expenses. Key features of the credits and deduction dictate who the provisions benefit and the value of assistance they confer. Among these are the non-refundable nature of the credits (i.e., persons must have income tax liabilities and the liabilities must exceed the maximum amount of the credits in order to claim their full value), the deduction's availability whether or not taxpayers take itemised deductions, and the statutory limits on benefit amounts and on taxpayers' income. Accordingly, middle-and upper middle-income individuals are the targeted beneficiaries of these tax incentives. All three benefits apply to the tuition and fees required for enrolment that are not offset by grant aid (e.g. qualified scholarships) and other tax benefits (e.g. Coverdell Education Savings Accounts and Section 529 Plans). The Hope credit has had a maximum value of $1,500 per student since its inception; the Lifetime Learning credit, $2,000 per return since 2003.
Student Aid And Tax Benefits Better Research And Guidance Will Facilitate Comparison Of Effectiveness And Student Use
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Author : Cornelia M. Ashby
language : en
Publisher: DIANE Publishing
Release Date : 2002
Student Aid And Tax Benefits Better Research And Guidance Will Facilitate Comparison Of Effectiveness And Student Use written by Cornelia M. Ashby and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
To assist Congress as it prepares for the reauthorization of the Higher Education Act, a study was undertaken of Title IV aid programs and higher education tax provisions designed to assist students and families. Focusing on the HOPE and Lifetime Learning tax credits. Data from the National Postsecondary Student Aid Study and other databases were used. In the 1999-2000 academic year, it is estimated that the Lifetime Learning and HOPE tax credits provided more than 4 in 10 undergraduate students with benefits that equaled a varying share of tuition and fees charged and Title IV aid received. Some students families had incomes too high to use the credits; others had tax liabilities too low to use the credits or to use the credits to the maximum. Among all dependent students who received the HOPE credit, it equaled, on average, about 20% of the tuition and fees, and for independent students, the HOPE credit equaled about 30% of tuition and fees. Taken together, Title IV student aid and higher education tax credits now assist more than 70% of undergraduate students and families in paying for postsecondary education. Five appendixes contain details about methodology and research, comments from government agencies, and a list of contacts and staff at the General Accounting Office. (Contains 14 tables, 13 figures, and 19 references.) (SLD).
Higher Education Tax Credits
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Author :
language : en
Publisher:
Release Date : 2007
Higher Education Tax Credits written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Education Planning
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Author : Nancy Shurtz
language : en
Publisher: American Bar Association
Release Date : 2009
Education Planning written by Nancy Shurtz and has been published by American Bar Association this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Education, Higher categories.
An invaluabl, in-depth resource for the estate and tax planning strategies and vehicles available for families saving for higher education. While focusingon all aspects of the popular 529 plans, the author also provides information on all other savings options, including 529 prepaid plans, Coverdell Educational Savings Accounts, qualified savings bonds, UGMAs/UTMAs, trusts, insurance, financial aid, grants, scholarships, and loans. It compares and contrasts techniques and applies them to different income groups. Includes numerous planning tips, charts, and examples.
The Impact Of Federal Tax Credits For Higher Education Expenses
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Author : Bridget Terry Long
language : en
Publisher:
Release Date : 2003
The Impact Of Federal Tax Credits For Higher Education Expenses written by Bridget Terry Long and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Education, Higher categories.
The 1997 creation of the Hope and Lifetime Learning Tax Credits marked a dramatic shift in the way in which federal support for college expenses is distributed to students and their families. Unlike other aid programs, the tax credits have exceptionally broad eligibility requirements, and there is a significant delay between when a recipient enrolls in college and when they receive the benefit. When introduced, the projected benefits of the tax credits were $9.7 billion, over fifty percent greater than the total amount spent at the time on the Pell Grant, the primary Federal grant program. This study examines the impact of the tax credits on students, families, colleges, and states. Using several data sources, I analyze the distribution of the benefits and the effect on enrollment decisions and college pricing. Analysis of tax return data suggests that what was intended to be a transfer to the middle class did benefit families with incomes between $30,000 and $75,000 the most. Insufficient tax liability due to low income levels and the interaction of the credits with other aid programs prevents many low-income individuals from qualifying for a benefit. Additionally, many eligible students did not claim a credit, particularly those from minority groups. Further analysis finds no evidence of increased postsecondary enrollment among eligible students in spite of the stated goal to increase access to higher education. On the other hand, some states and public institutions appear to have responded to incentives to increase the prices of colleges at which students face a low marginal cost. However, the results of this analysis are mixed and less conclusive
College Tuition Tax Credits
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Author : United States. Congress. House. Committee on the Budget. Task Force on Tax Expenditures, Government Organization, and Regulation
language : en
Publisher:
Release Date : 1977
College Tuition Tax Credits written by United States. Congress. House. Committee on the Budget. Task Force on Tax Expenditures, Government Organization, and Regulation and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with College costs categories.
An Overview Of Tax Benefits For Higher Education Expenses
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Author :
language : en
Publisher:
Release Date : 2006
An Overview Of Tax Benefits For Higher Education Expenses written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Government subsidies for education are available at the federal, state, and local levels. Governments employ two types of direct spending programs to help families pay for higher education: subsidies to public postsecondary institutions and needbased aid to students and families. The Higher Education Act (HEA; most recently extended by P.L. 109-150), which is scheduled to expire in the 109th Congress, authorizes many need-based student aid programs, which provide grants, loans, and work-study assistance. In addition to these direct spending programs, government subsidies for higher education are also made through the income tax system. CRS Report RL32507, Higher Education Tax Credits: An Economic Analysis, by Pamela J. Jackson, provides a discussion of the economic rationale for subsidizing higher education. Tax benefits for higher education can be divided into three groups: incentives for current year higher education expenses, incentives that give preferential tax treatment of student loan expenses, and incentives for saving for college. This report discusses eight tax incentives that provide benefits to taxpayers for the expenditures they make on higher education in a given year. These provisions include two tax credits, the Hope Credit and the Lifetime Learning Credit; two deductions, an abovethe-line deduction for tuition and fees, and a deduction for work-related education; three exclusions for scholarship and fellowship income, tuition reductions, and employer-provided education benefits; and a personal exemption for student dependents age 19 to 23. Tax benefits for student loan expenses allow the deduction of interest paid on student loans and provide an exclusion for student loans that have been forgiven. Five types of tax incentives promote taxpayer saving for college expenses: 1) Section 529 plans, 2) Coverdell Education Savings Accounts, 3) an education savings bond program, 4) a provision which allows early withdrawals from individual retirement accounts (IRAs) without penalty, and 5) the allowance of uniform transfers to minors. The recipients of benefits through the tax system can be quite different from the recipients of benefits provided through spending programs. First, because none of these provisions are available to families whose incomes are too low to pay income taxes, some low income individuals (including independent students) cannot benefit from them since none provide for refundability. Even those who pay income taxes may not receive the full benefit due to limited tax liability. By contrast, direct spending programs are often particularly directed toward lower income individuals who are more likely to attend (lower cost) public institutions and to qualify for needbased aid. This report provides an overview of the tax benefits for higher education, along with cost estimates of the revenue loss associated with these provisions. The report concludes with a discussion of the beneficiaries of education tax incentives. This report will not be updated.
Tax Credits For Education
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Author : United States President of the United States
language : en
Publisher:
Release Date : 1972
Tax Credits For Education written by United States President of the United States and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1972 with categories.
Higher Education Tax Credits And Deductions
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Author : Adam Stoll
language : en
Publisher: Nova Biomedical Books
Release Date : 2003
Higher Education Tax Credits And Deductions written by Adam Stoll and has been published by Nova Biomedical Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Education, Higher categories.
This book provides background information for the Higher Education Act (HEA) reauthorisation process about the direct assistance for education expenses provided through the federal income tax system. Key features of the benefits are explored. Also explored is the relationship of the traditional student aid delivery system with the tax system as a conduit for post-secondary education assistance, identifying specific issues that may be important for congressional consideration during HEA reauthorisation. It also presents newly generated estimates of the value of the credits available to varied eligible recipients. In the absence of actual data, modelling approaches that simulate tax credit values offer perhaps the most promising way to examine the targeting of the education tax credits. Two different modelling approaches are applied in the analysis presented in this book.