Blog: The Student and Family Tax Simplification Act

Statement

Last week, I joined 226 of my colleagues in supporting the Student and Family Tax Simplification Act--legislation that simplifies current education tax benefits to ease the cost burden of a college education. This bill consolidates four current tax benefits for higher education into a reformed American Opportunity Tax Credit (AOTC), a simplified and expanded credit. It also includes strong anti-fraud provisions, reduces credit overpayments, and excludes Pell Grants from being considered as normal income.

Currently, there are 15 overlapping education provisions that the IRS' manual takes 90 pages to explain. These complex provisions can be difficult to understand and cost many deserving students and families tax benefits that may be available to them. Higher education has become even more unaffordable thanks to Washington's misguided economic policies. But this is an important step toward relief. I urge my colleagues in the Senate to consider the Student and Family Tax Simplification Act immediately.

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