A host of education-related tax breaks that are due to expire soon would be made permanent under legislation being introduced today by Iowa Senator Chuck Grassley. Grassley says, “In times of tight budgets at every level, whether it’s from the school board on up to graduate school, these tax incentives are a valuable tool for Iowa students, teachers and schools.”
Grassley says he spearheaded the creation of the measures a decade ago and says they’ve delivered some $257-million in savings to Iowans. Grassley says, “This is really a common sense tax relief that Iowans can use and make a real difference in their bottom line in the future as it has over the last ten years.”
Grassley says his legislation would make permanent things like removing the 60-payment limit for deducting student loan interest and increasing the income limits, expanding tax-free college savings accounts for parents and family members, and creating the first-ever tax deduction for college tuition.
He says other tax-saving measures target school renovations, repairs and construction. It would also make permanent the deduction for classroom supplies and expenses for elementary and secondary school teachers.