H.R.282 - Education Freedom Act108th Congress (2003-2004)
|Sponsor:||Rep. Hoekstra, Peter [R-MI-2] (Introduced 01/08/2003)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 01/08/2003 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.282 — 108th Congress (2003-2004)All Information (Except Text)
Education Freedom Act - Amends the Internal Revenue Code to permit a tax credit for 50 percent of certain cash contributions by a taxpayer to an education investment organization or to an elementary or secondary school. Sets a maximum credit of $50,000 for corporations and $250 for other taxpayers ($500 for a joint return). Provides other limitations on the amount of the credit in certain specified instances.
Introduced in House (01/08/2003)
Excludes from gross income any amount received as a grant for qualified elementary and secondary expenses from an education investment organization. Defines "qualified elementary and secondary expenses" and "education investment organization." Revises definition of "school" for purposes of defining qualified elementary and secondary education expenses.