The U.S. Senate may vote Tuesday evening on major legislation that could change income tax brackets for individuals, families and businesses.
Here’s the latest on some education-related proposals in the bill, known as the “Tax Cuts & Jobs Act”:
- The bill keeps a $250 deduction for educators that allows them to expense costs of classroom materials. An earlier version of the legislation proposed removing that deduction.
- A proposal to tax net investment income of colleges with more than 500 students and assets of at least $100,000 per student remains in the bill. Some Senate Budget Committee members said Tuesday afternoon that provision may be removed from the bill.
- A proposed tax on tuition waivers for graduate and doctoral students for research they do on campus has been removed from the bill.
- The bill would expand use of 529 college savings accounts to include k-12 private school tuition. Some Senate Budget Committee members said Tuesday afternoon that provision may also be removed from the bill.
In other news on this issue:
Senate Passed Tax Overhaul Bill By 51-49 Vote
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