Texarkana Gazette - Bill to Extend College Tuition Deduction for Two More Years

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Texarkana Gazette - Bill to Extend College Tuition Deduction for Two More Years

By Marie Martin

U.S. Sen. John Cornyn, R-Texas, a member of the Budget Committee, introduced legislation to extend for two years an important deduction for taxpayers who pay college tuition.

The above-the-line deduction, available to all taxpayers whether they take the standard deduction or itemize their tax returns, is set to expire at the end of this year.

"It is important that college be affordable for working families in Texas and across the country," Cornyn said. "This deduction will save Texans and all Americans millions of dollars each year, providing a helping hand to taxpayers who want to send their children to college. Unfortunately, the provision will expire this year, so I call upon Congress to extend this deduction as soon as possible."

Cornyn's bill, co-sponsored by Sen. Pat Roberts, R-Kan., extends the $4,000 above-the-line deduction for taxpayers who pay college tuition and related expenses. If passed, taxpayers would continue to deduct up to $4,000 from their federal taxes until December 2009, even if they do not itemize.

The deduction, originally part of the Economic Growth and Tax Relief Reconciliation Act, was signed into law in 2...

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