,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #eeji  ,,in ,,the ,,house ,,of  
,,representatives  ,september #ag1 #bjad
 ,mr4 ,braley of ,iowa introduced the   
following bill2 which was referred to   
the ,committee on ,ways and ,means  ,a  
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to increase and extend  
the ,american ,opportunity ,tax ,credit 
and to increase the student loan        
interest deduction4  #a4 ,short title   
,this ,act may be cited as the ,college 
,tuition and ,debt ,relief ,act of      
#bjad4  #b4 ,american ,opportunity ,tax 
,credit increase and extension  7a7     
,credit made permanent ,section         
#be;,a7i7 of the ,internal ,revenue     
,code of #aihf is amended by striking   
and before #bjah4  7b7 ,increase in     
credit amount ,paragraph 7#a7 of section
 #be;,a7i7 of the ,internal ,revenue    
,code of #aihf is amended--  7#a7 in    
subparagraph 7,a7 by striking #b1jjj and
 inserting #b1ejj1 and  7#b7 in         
subparagraph 7,b7 by striking as exceeds

 #b1jjj but does not exceed #d1jjj and  
inserting as exceeds #b1ejj but does not
 exceed #d1ejj4  7c7 ,adjustment for    
inflation ,section #be;,a7i7 of the     
,internal ,revenue ,code of #aihf is    
amended by adding at the end the        
following new paragraph3  7#g7          
,adjustments for inflation ,in the case 
of a taxable year beginning after       
,december #ca1 #bjae1 each of the dollar
 amounts in subparagraph 7,a7 and 7,b7  
of paragraph 7#a7 and clause 7ii7 of    
paragraph 7#d77;,a7 shall be increased  
by an amount equal to--  7,a7 such      
dollar amount1 multiplied by  7,b7 the  
cost-of-living adjustment determined    
under section #a7;f77#c7 for the        
calendar year in which the taxable year 
begins1 determined by substituting      
calendar year #bjad for calendar year   
#aiib in subparagraph 7,b7 thereof4  ,if
 any amount as increased under the      
preceding sentence is not a multiple of 
#aj1 such amount shall be rounded to the
 nearest multiple of #aj4  4  7d7       

,effective date ,the amendments made by 
this section shall apply to taxable     
years beginning after ,december #ca1    
#bjad4  #c4 ,student loan interest      
deduction increase  7a7 ,in general     
,paragraph 7#a7 of section #bba7;b7 of  
the ,internal ,revenue ,code of #aihf is
 amended to read as follows3  7#a7 ,in  
general ,except as provided in paragraph
 7#b71 the deduction allowed by         
subsection 7a7 for the taxable year     
shall not exceed #e1jjj4  4  7b7        
,adjustment for inflation  7#a7 ,in     
general ,section #bba7;f7 of the        
,internal ,revenue ,code of #aihf is    
amended by redesignating paragraph 7#b7 
as paragraph 7#c7 and by inserting after
 paragraph 7#a7 the following new       
paragraph3  7#b7 ,adjustment for        
inflation ,in the case of a taxable year
 beginning after ,december #ca1 #bjae1  
the #e1jjj dollar amount in paragraph   
7#a7 shall be increased by an amount    
equal to--  7,a7 such dollar amount1    
multiplied by  7,b7 the cost-of-living  

adjustment determined under section     
#a7;f77#c7 for the calendar year in     
which the taxable year begins1          
determined by substituting calendar year
 #bjad for calendar year #aiib in       
subparagraph 7,b7 thereof4  4  7#b7     
,conforming amendment ,section          
#bba7;f77#c7 of the ,internal ,revenue  
,code of #aihf1 as redesignated by      
paragraph 7#a71 is amended to read as   
follows3  7#c7 ,rounding  7,a7 ,modified
 adjusted gross income thresholds ,if   
any amount as adjusted under paragraph  
7#a7 is not a multiple of #e1jjj1 such  
amount shall be rounded to the next     
lowest multiple of #e1jjj4  7,b7        
,deduction limitation ,if any amount as 
increased under paragraph 7#b7 is not a 
multiple of #aj1 such amount shall be   
rounded to the nearest multiple of #aj4 
4  7c7 ,effective date ,the amendments  
made by this section shall apply to     
taxable years beginning after ,december 
#ca1 #bjad4