S.2007 - Upward Mobility Enhancement Act115th Congress (2017-2018) |
|Sponsor:||Sen. Flake, Jeff [R-AZ] (Introduced 10/25/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 10/25/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.2007 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (10/25/2017)
Upward Mobility Enhancement Act
This bill amends the Internal Revenue Code, with respect to the exclusion for educational assistance programs, to increase the maximum amount of employer-provided educational assistance that may be excluded from the gross income of an employee.
The bill: (1) specifies that the exclusion applies only to the first $11,500 of educational assistance furnished to an individual during a calendar year, and (2) requires the $11,500 amount to be adjusted for inflation after 2017.
(Under current law, the exclusion applies only to the first $5,250 of educational assistance furnished to an individual during a calendar year and is not adjusted for inflation.)