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The latest on education provisions in tax bill

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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