FUTURE Act

Hozzl · 2022-10-28T01:46:01Z

Explore the details of House Bill 5363 FUTURE Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

10/28/2022, 1:46 AM

Congressional Summary of HR 5363

Fostering Undergraduate Talent by Unlocking Resources for Education Act or the FUTURE Act

This bill permanently authorizes funding for minority-serving institutions of higher education and increases the authorization of appropriations for Pell Grants.

This bill directs the Internal Revenue Service (IRS), upon the written request of the Department of Education (ED), to disclose to any authorized person, tax return information to determine eligibility for recertifications for income-contingent or income-based repayments of student loans, discharges of loans based on total and permanent disability, and the amount of student financial aid under the Higher Education Act of 1965. The IRS must also establish and implement procedures for recertifying income for purposes of this bill and for requesting tax return information.

The bill requires ED and the IRS to issue joint reports to Congress on this bill, including an update on the status of implementation of this bill and an evaluation of how such implementation affected the processing of applications for financial aid and discharge of student loans.

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Current Status of Bill HR 5363

Bill HR 5363 is currently in the status of Bill Introduced since December 9, 2019. Bill HR 5363 was introduced during Congress 116 and was introduced to the House on December 9, 2019. Bill HR 5363's most recent activity was Became Public Law No: 116-91. as of December 19, 2019

Bipartisan Support of Bill HR 5363

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 5363

Primary Policy Focus

Taxation

Potential Impact Areas

- Congressional oversight

- Educational facilities and institutions

- Government information and archives

- Government trust funds

- Higher education

- Minority education

- Student aid and college costs

- Student records

Alternate Title(s) of Bill HR 5363

FUTURE Act

To reauthorize mandatory funding programs for historically Black colleges and universities and other minority-serving institutions, and for other purposes.

FUTURE Act