Tax News

CCH (cch.taxgroup.com) reports:

Senate Finance Committee Chairman Max Baucus, D-Mont., on January 25 announced plans to extend and enhance the college tuition deduction and move a number of other education incentives through the committee in 2007. Baucus said that he will soon introduce a new Education Competitiveness Bill and some tax initiatives to be considered by the Finance Committee that will likely mirror elements of his 2006 bill. Provisions in that legislation included a federal deduction for state and local property taxes that go to support local schools, and tax relief for repayment of student loans (TAXDAY, 2006/09/15, C.1).
Baucus also introduced an amendment on the Senate floor on January 25 reiterating his decision to move education tax incentives through the Finance Committee. Moreover, he refused to support an amendment, unpaid for and introduced outside the committee process, to make a limited number of changes to education tax incentives.
"The Finance Committee finished 2006 with a focus on education tax incentives, and that commitment will continue under my chairmanship this year," said Baucus in a statement. "Working together, the Finance Committee will craft a strong and fiscally responsible education incentives package and bring it to the full Senate."
By Jeff Carlson, CCH News Staff
SFC Release: Baucus Outlines Education Tax Objectives