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Modifications suggested by the American Institute for Certified Public Accountants to companion bills intended to simplify educational tax credits would expand the proposed consolidated credit to each qualifying student in a family, including graduate and professional degree-seeking students.
AICPA July 30 released its twin comment letters addressed to the chairmen, ranking members, and Republican backers of H.R. 2253 and S. 1090.
Sen. Marco Rubio (R-Fla.) and Rep. Aaron Schock (R-Ill.) introduced the bills in their respective chambers June 4 (112 DTR G-5, 6/11/13). The Higher Education and Skills Obtainment Act (H.R. 2253, S. 1090) would consolidate education tax incentives into one credit, according to a joint June 4 press release. It would also save nearly $4 billion dollars by eliminating improperly disbursed higher education tax credits, its backers claim.
Texts of the companion AICPA letters to the House, dated July 25, and the Senate, dated July 26, are in TaxCore.
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