Here are how some education-related proposals in the tax bill, known as the “Tax Cuts and Jobs Act,” fared:
- The bill keeps a $250 deduction for educators for some costs of classroom materials. An earlier version of the legislation proposed removing that deduction.
- The House version that passed Tuesday included a provision to tax net investment income of private colleges and universities with more than 500 students and assets of at least $100,000 per student. Emory University president Claire Sterk has raised concerns about the endowment tax, saying investment helps fund patient care and financial aid. Emory reported in November 2016 a 1.9 percent return, net of all fees, on its endowment for the fiscal year ending Aug. 31, 2016, and it was valued at $6.5 billion. Some Senate Budget Committee members said Tuesday afternoon the provision may be removed from the bill.
- A proposed tax on tuition waivers for graduate and doctoral students for research they do on campus has been removed from the bill. Nearly 50,000 graduate and professional students are currently enrolled in the University System of Georgia. Many students worried they would be unable to afford this new tax, and would fail to finish their programs.
- The House version of the bill would expand use of 529 college savings accounts to include K-12 private school tuition. These accounts can be used for up to $10,000 in tuition expenses annually. Some Senate Budget Committee members said Tuesday afternoon the provision may also be removed from the bill.