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Committee on Ways and Means For Immediate Release Favorable Committee Vote for Improving the Affordability of Education WASHINGTON - Today, lawmakers favorably reported H.R. 5193, the Back to School Tax Relief Act of 2002, out of the Ways and Means Committee by a bipartisan vote of 22-14 “Assistance should not be limited to higher education - parents of Kindergarten through 12th grade students need assistance, as well,” said Thomas. “This bill represents a continued effort of those who really want to help children receive a quality education.” The legislation expands parental options and empowers parents to make the best possible choices regarding their children’s education. H.R. 5193 improves the affordability of Kindergarten through 12th grade education by providing an above-the-line deduction for up to $3,000 of educational expenses incurred at public, private or home schools. The bill aims to assist low-income families, $20,000 for singles and $40,000 for married couples, meet the costs incurred through private and home schooling. The tax relief provided by H.R. 5193 will help to shrink the costs of tuition, academic tutoring, computers, transportation, and other qualified costs incurred at public, private and home schools. According to estimates from the Joint Committee on Taxation, 90 percent of the families who would benefit from the bill have children in public schools, and $3 out of every $4 of tax benefits would be spent on public school education. |