Summary: H.R.5537 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.5537. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (08/03/1990)

Amends the Internal Revenue Code to allow an individual a deduction for 30 percent of the amount of tuition expenses paid to one or more eligible educational institutions for the education of any of the taxpayer's dependent children. Reduces such deduction by five percent for each $1,000 by which the adjusted gross income of the taxpayer exceeds $40,000 ($80,000 in the case of a joint return). Excludes such deduction from the two-percent floor on miscellaneous itemized deductions.