February 09,2001

Grassley Schedules Hearing on Education Tax Initiatives

Grassley Schedules Hearing on Education Tax Initiatives

Event: hearing, "Making Education More Affordable: The Tax Code as a Student Aide"
Date/time: Wednesday, Feb. 14, 2001, at 10 a.m.
Location: 215 Dirksen Senate Office Building
Description: Sen. Chuck Grassley, Finance Committee chairman, will convene a hearing to explore a series of proposals to make education more affordable via the tax code. The committee will examine plans:

(1) to simplify and expand the deductibility of interest on student loan payments

(2) to make permanent the tax-free status of employer-provided educational assistance and apply it to graduate education

(3) to expand contributions to education IRAs and provide withdrawals for K-12 expenses

(4) to provide a tax deduction for out-of-pocket teacher expenses for supplies

(5) to allow the financing of school construction via modifications to tax-exempt bond rules

Witnesses will include a Kalona, Iowa, native who is a University of Iowa dental school student. She plans to specialize and will incur substantial student loan debt. The average dental school debt, not including undergraduate debt, is $100,000.

Note: This is an exploratory hearing, not a mark-up.