Word: taxingly
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Dates: during 1990-1999
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WASHINGTON, D.C.--The tax and budget legislation that President Clinton signed into law on Tuesday includes $40 billion in tax breaks for college students and their families over the next five years, representing the largest change in federal higher education assistance since the establishment of the student loan and Pell Grant programs three decades...
...bipartisan budget deal, which is scheduled to erase the federal deficit by 2002, was the result of summer-long negotiations between Congressional Republicans and the White House. While the legislation contains child tax credits and capital gains tax cuts--longtime Republican priorities--the pact largely reflects the Clinton administration's higher education goals...
...budget package includes a revised version of the President's Hope Scholarship program, a large plank of his 1996 re-election platform. That program provides dollar-for-dollar tax credit to first-and second-year college students for the first $1,000 spent on tuition, fees and books. In addition, the scholarship includes a credit for 50 percent of the next $1,000 spent on college...
Juniors and seniors will benefit as well. The new law establishes a tax credit for the third and fourth years of college that starts at 20 percent of the first $5,000 spent and rises over time to 20 percent...
Although the tax credits became law with the President's signature, their effective date is June 30, 1998--which means tax relief from college costs will not be available until the 1998-'99 academic year...