H.R. 5878 (112th): Deductibility and Incentives to Promote Learning Opportunities

Introduced:
May 31, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Nita Lowey [D-NY18]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on May 31, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced May 31, 2012
Referred to Committee May 31, 2012
Cosponsors
none
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to expand deductions allowed for education-related expenses and to extend the American Opportunity Tax Credit.

Summary

No summaries available.

Text

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Last updated May 31, 2012.
4 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

5/31/2012--Introduced.
Deductibility and Incentives to Promote Learning Opportunities and Maximize Assistance Act of 2012 or the DIPLOMA Act of 2012 - Amends the Internal Revenue Code to:
(1) allow an unlimited tax deduction for qualified tuition and related expenses for taxpayers whose adjusted gross incomes do not exceed $80,000 ($160,000 for joint returns),
(2) extend such deduction through 2017,
(3) allow a tax deduction for principal amounts paid on education loans for the first 60 months of such loans, and
(4) extend the American Opportunity tax credit through 2017.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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