Summary: H.R.4323 — 104th Congress (1995-1996)All Information (Except Text)

There is one summary for H.R.4323. Bill summaries are authored by CRS.

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Introduced in House (09/28/1996)

Family Affordable College Tuition Act of 1996 - Amends the Internal Revenue Code to provide an income-adjusted deduction for qualified higher education expenses and qualified higher education loan interest paid during the tax year.

Provides an income-adjusted deduction of up to $4000 for payments made to a qualified (higher) education savings plan during the tax year. Excludes plan distributions used to pay qualified education costs from gross income and dependent support determinations.