coe-staff: Fw: Correction 2 - Tax bill

[Randy Kamphaus]

Dear Colleagues,


For your interest, our LEARN coalition partners provide us with a summary of new tax law provisions and their potential impact, or lack thereof, on our students.


Regards,

Randy

________________________________
From: Alex Nock <ANock at pennhillgroup.com>
Sent: Friday, December 15, 2017 4:06 PM
To: Alex Nock
Subject: RE: Correction 2 - Tax bill

One last clarification for the night.  Private Activity bonds under the bill are as they are under current law - the bill does not impact them.  QZABs are impacted by the bill (i.e. the authority is eliminated).  Lastly, the New Market Tax credits are  preserved by the bill.

Good evening.  The conference report on the tax bill, the Tax Cuts and Jobs Act, was filed tonight.  The link to the tax bill and the joint explanatory statement of the managers is below as well as a 2-page summary provided by the Conference Committee.  Specific highlights include:


  *   The bill does NOT contain a revised AOTC (combination of AOTC, Hope Scholarship and Lifetime credits (i.e. keeps current law)
  *   Student loan interest deduction is not repealed (i.e. keeps current law)
  *   $10,000 limit on a revised state and local tax deduction covering both property taxes and state income tax
  *   No taxation on tuition waivers for graduate students (i.e. keeps current law)
  *   No taxation of employer provided education assistance to employees (i.e. keeps current law)
  *   Bill would prohibit deductions for college seat licenses
  *   Private Activity bonds are preserved under the bill.  QZAB authority is eliminated.  New Market Tax credits are preserved under the bill.
  *   Child tax credit is increased to $2,000 and is refundable up to $1,400
  *   Follows the Senate 529 provisions which expanded 529s to include up to $10,000 in K12 educational expenses at public or private schools
  *   Eliminates the tax penalty enacted as a part of the Affordable Care Act for not obtaining health insurance

Text: http://docs.house.gov/billsthisweek/20171218/CRPT-115HRPT-466.pdf


JES:  http://docs.house.gov/billsthisweek/20171218/Joint%20Explanatory%20Statement.pdf

We will be analyzing the bill and updating our memorandum and side by side on the tax bill.  Please let us know if you have any immediate questions.  Thank you.  Penn Hill Group
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