H.R.2486 - FUTURE Act116th Congress (2019-2020) |
|Sponsor:||Rep. Adams, Alma S. [D-NC-12] (Introduced 05/02/2019)|
|Committees:||House - Education and Labor|
|Latest Action:||Senate - 07/23/2020 Message on House action received in Senate and at desk: House amendments to Senate amendment. (All Actions)|
|Roll Call Votes:||There have been 2 roll call votes|
This bill has the status Resolving Differences
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- Resolving Differences
- To President
- Became Law
Summary: H.R.2486 — 116th Congress (2019-2020)All Information (Except Text)
Passed Senate (12/05/2019)
Fostering Undergraduate Talent by Unlocking Resources for Education Act or the FUTURE Act
This bill requires the Internal Revenue Service (IRS) to disclose certain tax return information to the Department of Education (ED) for the purpose of administering financial aid and loan programs.
Upon receiving a request from ED, the IRS must disclose specified tax return information to ED for the purposes of
- establishing enrollment, renewing enrollment, administering, and conducting analyses and forecasts for estimating costs related to income-contingent or income-based repayment programs;
- discharging loans based on a total and permanent disability;
- determining the eligibility for, and the amount of, federal student financial aid; and
- conducting analyses and forecasts for estimating costs related to federal student financial aid programs.
ED may only use the disclosed information for the purposes above and for mitigating risks related to the programs. Mitigation of risks includes conducting oversight and reducing improper payments. It does not include conducting criminal investigations or prosecutions.
With the consent of the taxpayer, ED may disclose the return information to certain institutions of higher education, state higher education agencies, and scholarship organizations solely for the use in financial aid programs.
The bill specifies notification and reporting requirements related to the disclosures and the implementation of the bill.
The bill also permanently extends funding for minority-serving institutions of higher education and increases funding for Pell Grants.