Tax Exemption for Post-Graduation Scholarships: Student Loan Repayment Support
This bill aims to exclude post-graduation scholarships used for student loan repayment from taxable income. This means individuals receiving such support will not pay taxes on it, potentially easing their financial burden and encouraging work in specific communities.
Key points
Post-graduation scholarships used for student loan repayment will not be counted as taxable income.
Scholarship programs must be run by non-profit organizations and require recipients to live and work in communities with lower bachelor's degree attainment rates.
The bill prevents double tax benefits for student loan interest if the loan was repaid with a tax-exempt scholarship.
It mandates reporting requirements and regulations for these scholarships, and calls for reports on their effectiveness.
Status:
Expired
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