S.3697 - Workforce Development Through Post-Graduation Scholarships Act of 2018115th Congress (2017-2018)
|Sponsor:||Sen. Peters, Gary C. [D-MI] (Introduced 11/29/2018)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 11/29/2018 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:
Summary: S.3697 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (11/29/2018)
Workforce Development Through Post-Graduation Scholarships Act of 2018
This bill amends the Internal Revenue Code to exclude post-graduation scholarship grants from gross income in the same manner as scholarships are currently excluded.
A "post-graduation scholarship grant" is a grant provided by a program that:
- is established by certain tax-exempt organizations;
- requires the grantee to live and work in an applicable community that meets certain requirements regarding income, out-migration, and bachelor's degree attainment rates; and
- under which, in accordance with the conditions of a grant, the organization repays any portion of an education loan incurred by an individual to pay higher education expenses.
In implementing this bill, the Department of the Treasury must prescribe specified regulations and meet reporting requirements. The Government Accountability Office must report on the post-graduation scholarship grants covered by this bill.