Deductibility and Incentives to Promote Learning Opportunities and Maximize Assistance (DIPLOMA) Act of 2006
Latest action · May 17, 2006 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 17, 2006
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Deductibility and Incentives to Promote Learning Opportunities and Maximize Assistance (DIPLOMA) Act of 2006 - Amends the Internal Revenue Code to: (1) allow an unlimited tax deduction for qualified tuition and related expenses for taxpayers whose adjusted gross incomes do not exceed $80,000 ($160,000 for joint returns); (2) extend such deduction through 2010; (3) allow a tax deduction for principal amounts paid on education loans for the first 60 months of such loans; (4) replace the Hope Scholarship tax credit with an earned tuition tax credit for the first $1,500 of qualified tuition and related expenses (50% of expenses over $1,500 up to $4,000) for four years of postsecondary education; and (5) make the tax credit for earned tuition and lifetime learning expenses refundable.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- May 17, 2006Introduced in House
- May 17, 2006Referred to the House Committee on Ways and Means.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- May 17, 2006Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.