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File #: Res 2060-2013    Version: * Name: Student and Family Tax Simplification Act. (H.R. 3393)
Type: Resolution Status: Filed
Committee: Committee on Finance
On agenda: 12/10/2013
Enactment date: Law number:
Title: Resolution calling upon the United States Congress to pass, and the President to sign, H.R.3393, the Student and Family Tax Simplification Act, an Act to amend the Internal Revenue Code of 1986 to consolidate certain tax benefits for educational expenses, and for other purposes.
Sponsors: Jumaane D. Williams, Margaret S. Chin, Mathieu Eugene, Peter A. Koo, Rosie Mendez, Ruben Wills
Council Member Sponsors: 6
Attachments: 1. Cover Sheet
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
12/31/2013*Jumaane D. Williams City Council Filed (End of Session)  Action details Meeting details Not available
12/10/2013*Jumaane D. Williams City Council Referred to Comm by Council  Action details Meeting details Not available
12/10/2013*Jumaane D. Williams City Council Introduced by Council  Action details Meeting details Not available
Res. No. 2060
 
Resolution calling upon the United States Congress to pass, and the President to sign, H.R.3393, the Student and Family Tax Simplification Act, an Act to  amend the Internal Revenue Code of 1986 to consolidate certain tax benefits for educational expenses, and for other purposes.
 
By Council Members Williams, Chin, Eugene, Koo, Mendez and Wills
Whereas, Education is key to the economic well-being of our citizens and our democracy; and
Whereas, However, tax credits that are allowed for educational purposes are often confusing and difficult to understand by educators and tax preparers, and therefore aren't frequently used; and
Whereas, Streamlining the number of education provisions and retooling those provisions that are most effective would allow lawmakers to simplify the code and reduce some of the confusion that exists in the tax code today; and
Whereas, By doing so, students can spend less time figuring out how to finance the cost of a higher education and more time developing the skills they need to succeed in a knowledge-based economy; and
Whereas, It is necessary to pass legislation to make it easier and simpler for families to afford the costs of higher education by consolidating four separate tax provisions into one improved and more robust education tax benefit; and
Whereas, On October 30, 2013, Rep. Black (D-TN) and Rep. Davis (D-Ill) introduced H.R.3393 to amend the Internal Revenue Code of 1986 to consolidate certain tax benefits for educational expenses, and for other purposes, otherwise known as the Student and Family Tax Simplification Act; and
Whereas, Generally, the Student and Family Tax Simplification Act  amends the Internal Revenue Code to provide for an American Opportunity Tax Credit, in lieu of the current Hope Scholarship and Lifetime Learning tax credits and the tax deduction for qualified tuition and related expenses that provide for a credit of 100% of qualified tuition and related expenses (i.e., tuition, fees, and course materials) up to $2,000, plus 25% of such expenses, but not more than $4,000; and
Whereas,  The first $1,500 of the credit would be refundable, meaning that families could receive the benefit regardless of whether they have Federal income tax liability; and
Whereas,  The credit would be available for up to four years of post-secondary education at qualifying four-year universities, community colleges, and trade and vocational schools.; and      
Whereas, The Act also reduces the allowable amount of such credit based upon the taxpayer's modified adjusted gross income; and
Whereas, The credit would begin to phase out for families with incomes between $86,000 and $126,000 (half those amounts for single individuals), ensuring that the credit provides the greatest benefit and value to low- and middle-income families;  now, therefore be it  
Resolved, That the Council of the City of New York calls upon the United States Congress to pass, and the President to sign, H.R.3393, the Student and Family Tax Simplification Act, an Act to  amend the Internal Revenue Code of 1986 to consolidate certain tax benefits for educational expenses, and for other purposes.
 
TE11-19-13
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