S. 2075 - Segal AmeriCorps Education Award Tax Relief Act of 2021
S. 2075; Segal AmeriCorps Education Award Tax Relief Act of 2021
- AuthorsCassidy, Sen. William Morgan "Bill"
- Institutional AuthorsU.S. SenateU.S. Senate Finance Committee
- Code Sections
- Subject Area/Tax Topics
- Industry GroupsEducation
- Jurisdictions
- Tax Analysts Document Number2021-24351
- Tax Analysts Electronic Citation2021 TNTF 116-152021 EOR 7-42
- Magazine CitationThe Exempt Organization Tax Review, Jul. 2021, p. 2988 Exempt Org. Tax Rev. 29 (2021)
117TH CONGRESS
1ST SESSION
S. 2075
To amend the Internal Revenue Code of 1986 to provide an exclusion
from gross income for AmeriCorps educational awards.
IN THE SENATE OF THE UNITED STATES
JUNE 16, 2021
Mr. BENNET (for himself and Mr. CASSIDY) introduced the following bill;
which was read twice and referred to the Committee on _____
A BILL
To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for AmeriCorps educational awards.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the "Segal AmeriCorps Education Award Tax Relief Act of 2021".
SEC. 2. EXCLUSION FROM GROSS INCOME OF AMERICORPS EDUCATIONAL AWARDS.
(a) IN GENERAL. — Paragraph (2) of section 117(c) of the Internal Revenue Code of 1986 is amended by striking "or" at the end of subparagraph (B), by striking the period at the end of subparagraph (C) and inserting ", or", and by adding at the end the following new subparagraph:
”(D) a national service educational award under subtitle D of title I of the National and Community Service Act of 1990.".
(b) EXCLUSION OF DISCHARGE OF STUDENT LOAN DEBT. — Subsection (f) of section 108 of such Code is amended by adding at the end the following new paragraph:
"(6) PAYMENTS UNDER NATIONAL SERVICE EDUCATIONAL AWARD PROGRAMS. — In the case of an individual, gross income shall not include any amount received under a national service educational award under subtitle D of title I of the National and Community Service Act of 1990 (42 U.S.C. 12601 et seq.).".
(c) EFFECTIVE DATE. — The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.
- AuthorsCassidy, Sen. William Morgan "Bill"
- Institutional AuthorsU.S. SenateU.S. Senate Finance Committee
- Code Sections
- Subject Area/Tax Topics
- Industry GroupsEducation
- Jurisdictions
- Tax Analysts Document Number2021-24351
- Tax Analysts Electronic Citation2021 TNTF 116-152021 EOR 7-42
- Magazine CitationThe Exempt Organization Tax Review, Jul. 2021, p. 2988 Exempt Org. Tax Rev. 29 (2021)