,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #fdhf  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #bd1 #bjah,mr4  
,la,hood 7= himself & ,ms4 ,sewell (    
,alabama7 introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,ways &      
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to exclude c]ta9  
po/ graduation s*ol>%ip grants f gross  
income 9 ! same mann] z qualifi$        
s*ol>%ips to promote economic gr[?4  #a4
 ,%ort title ,?is ,act may be cit$ z !  
,work=ce ,developm5t ,?r\gh             
,po/-,graduation ,s*ol>%ips ,act (      
#bjah4  #b4 ,po/-graduation s*ol>%ip    
grants exclud$ f gross income 9 same    
mann] z qualifi$ s*ol>%ips  7a7 ,9 g5]al
 ,section #aag7;a7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$--  7#a7 by /rik+ 
! p]iod at ! end & ins]t+ 1 or2  7#b7 by
 /rik+ any am\nt receiv$ & ins]t+ !     
foll[+3  any am\nt :i*-- 7#a7 is receiv$
  2 &  7#c7 by add+ at ! end ! foll[+   
new p>agraph3  7#b7 is a po/-graduation 
s*ol>%ip grant receiv$ by or paid on    

behalf ( an individual4  4  7b7         
,po/-,graduation s*ol>%ip grant ,section
 #aag7;b7 ( su* ,code is am5d$ by       
r$esignat+ p>agraph 7#b7 z p>agraph 7#c7
 & by ins]t+ aft] p>agraph 7#a7 ! foll[+
 new p>agraph3  7#b7 ,po/-graduation    
s*ol>%ip grant  7,a7 ,9 g5]al ,! t]m    
po/-graduation s*ol>%ip grant means any 
grant program-- 7i7 :i* is e/abli%$ by  
an organization :i*--  7,i7 is describ$ 
9 section #eja7;c77#c7 & exempt f tax "u
 section #eja7;a71 &  7,,ii7 is ei!r a  
private f\ndation 7o!r ?an a private    
f\ndation e/abli%$ by an organization   
describ$ 9 section #agj7;b77#a77;,a77ii7
 or an organization describ$ 9 section  
#agj7;b77#a77;,a77iii7 ! pr9cipal       
purpose or function ( :i* is ! provision
 ( m$ical education7 or a community tru/
 describ$ 9 section                     
#agj7;b77#a77;,a77vi71  7ii7 :i* is     
design$ to enc\rage individuals to s]ve 
9 occupations ( unmet ne$s or 9 areas ( 
unmet ne$s 7z su* t]ms are us$ 9 section
 #ajh7;f77#b77;,d77ii771 &  7iii7 "u    

:i*1 9 accordance ) ! conditions ( a    
grant1 su* organization repays any      
portion ( an applicable education loan  
incurr$ by an individual4  7,b7         
,applicable education loan ,= purposes (
 subp>agraph 7,a77iii71 ! t]m applicable
 education loan means1 ) respect to any 
individual1 a qualifi$ education loan 7z
 def9$ 9 section #bba7;d77#a77 incurr$  
to pay qualifi$ high] education exp5ses 
7z def9$ 9 section #bba7;d77#b77 ( su*  
individual4  4  7c7 ,am\nt n treat$ z   
taxable exp5diture by private f\ndation 
,section #dide7;g7 ( su* ,code is am5d$ 
by /rik+ or at ! end ( p>agraph 7#b71 by
 /rik+ ! p]iod at ! end ( p>agraph 7#c7 
& ins]t+ 1 or1 & by add+ at ! end !     
foll[+ new p>agraph3  7#d7 ! grant is a 
po/-graduation s*ol>%ip grant 7z def9$ 9
 section #aag7;b77#b774  4  7d7 ,d5ial (
 d\ble b5efit ,section #bba7;e7 ( su*   
,code is am5d$ by r$esignat+ p>agraphs  
7#b7 & 7#c7 z p>agraphs 7#c7 & 7#d71    
respectively1 & by ins]t+ aft] p>agraph 
7#a7 ! foll[+ new p>agraph3  7#b7 ,d5ial

 ( d\ble b5efit 9 case ( po/-graduation 
s*ol>%ip grants ,any int]e/ :i* is paid 
z "p ( a po/-graduation s*ol>%ip grant &
 exclud$ f gross income "u section #aag 
%all n be tak5 into acc\nt "u ?is       
section4  4  7e7 ,effective date ,!     
am5dm5ts made by ?is section %all apply 
) respect to taxable ye>s beg9n+ aft] ! 
date ( enactm5t ( ?is ,act4