Segal AmeriCorps Education Award Tax Relief Act of 2023

Hozzl · 2024-01-04T10:30:20Z

Explore the details of Senate Bill 3487 Segal AmeriCorps Education Award Tax Relief Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

1/4/2024, 10:30 AM

Summary of Bill S 3487

Bill 118 s 3487, also known as the Segal AmeriCorps Education Award Tax Relief Act of 2023, aims to provide tax relief for individuals who have received education awards through the AmeriCorps program. The bill was introduced in the Senate in 2023.

The AmeriCorps program provides opportunities for individuals to serve their communities through various service projects. In return for their service, participants receive education awards that can be used to pay for college tuition or student loans.

However, under current tax laws, these education awards are considered taxable income, which can create a financial burden for AmeriCorps participants. The Segal AmeriCorps Education Award Tax Relief Act of 2023 seeks to alleviate this burden by exempting AmeriCorps education awards from federal income tax. The bill aims to make it easier for individuals to participate in the AmeriCorps program and pursue higher education without facing additional financial strain. By providing tax relief for AmeriCorps education awards, the bill aims to incentivize more individuals to engage in community service and contribute to the betterment of society. Overall, the Segal AmeriCorps Education Award Tax Relief Act of 2023 is a bipartisan effort to support AmeriCorps participants and promote access to higher education for all individuals.

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Current Status of Bill S 3487

Bill S 3487 is currently in the status of Bill Introduced since December 13, 2023. Bill S 3487 was introduced during Congress 118 and was introduced to the Senate on December 13, 2023. Bill S 3487's most recent activity was Read twice and referred to the Committee on Finance. as of December 13, 2023

Bipartisan Support of Bill S 3487

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Policy Area and Potential Impact of Bill S 3487

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Alternate Title(s) of Bill S 3487

Segal AmeriCorps Education Award Tax Relief Act of 2023Segal AmeriCorps Education Award Tax Relief Act of 2023A bill to amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for AmeriCorps educational awards.

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