Bill 119 HR 750, also known as the "Education Incentives Act," aims to amend the Internal Revenue Code of 1986 in order to provide incentives for education. The bill focuses on encouraging individuals to pursue higher education by offering tax incentives and benefits.
One of the key provisions of the bill is the expansion of tax credits for education expenses. Under the proposed legislation, individuals would be eligible for a tax credit for up to 50% of qualified education expenses, such as tuition, fees, and books. This credit would be available for both undergraduate and graduate education, providing a significant financial incentive for individuals to further their education.
Additionally, the bill includes provisions for tax-free savings accounts specifically designated for education expenses. These accounts, known as Education Savings Accounts (ESAs), would allow individuals to save money for education expenses on a tax-free basis. Contributions to these accounts would be deductible from taxable income, and withdrawals for education expenses would not be subject to taxation.
Overall, Bill 119 HR 750 aims to make higher education more accessible and affordable for individuals by providing tax incentives and benefits. By expanding tax credits for education expenses and creating tax-free savings accounts for education, the bill seeks to encourage individuals to pursue higher education and invest in their future.