March 09,2001

Grassley Announces Mark-up of Education Bill

Event: mark-up, chairman’s mark of the Affordable Education Act of 2001
Date/time: Tuesday, March 13, 2001, at 10 a.m.
Location: 215 Dirksen Senate Office Building
Description: President Bush has made education a priority. The Senate committees of jurisdictionhave followed his lead. The full Senate is likely to debate an education packagesoon. Three weeks ago, Sen. Chuck Grassley, chairman of the Committee onFinance, held a hearing at which senators expressed strong interest in enacting taxlegislation to make education more affordable. The chairman’s mark builds uponthat hearing and the committee’s bipartisan work on tax-related education legislationin recent years. The mark:

makes distributions from college savings plans and tuition plans tax-free;makes permanent the tax-free treatment of employer-provided educational assistance;removes a limitation on the deductibility of student loan interest (a long-timeGrassley priority);

and includes provisions designed to help localities with the construction andrenovation of their public schools.

Note: The following documents are available at under“legislation”:

Description of the Chairman’s Mark of the Affordable Education Act of 2001Estimated Revenue Effects of the Chairman’s Mark of the Affordable Education Actof 2001