The Senate Finance Committee marked up and passed a tax extenders package today by a vote of 23-3. The bill , among many other proposed tax breaks, would extend the teacher tax credit, the above the line deduction for qualified tuition and expenses, and the research tax deduction all through the end of 2016. A number of education-related amendments have been filed in advance of the markup. One, from Sen. Richard Burr (R-N.C.), would extend the teacher tax credit to qualifying homeschool families. Another would repeal the tax imposed on student loans forgiven due to repayment under the income-based repayment program. Neither of these amendments passed.
While this measure passed the Senate Finance Committee fairly easily, its path forward remains unclear.
House Ways and Means Committee Chair Paul Ryan has stated that his committee will take up tax extenders in the Fall. Chairman Ryan has been adamant about addressing the shortfalls prior to December to ensure certainty for business and taxpayers.
Read a summary of the Senate package here.