,,ii  #aaeth ,,congress  #ast ,session  
,s4 #bjjg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,october #be1  
#bjag ,mr4 ,flake 7for himself and ,ms4 
,cortez ,masto7 introduced the following
 bill2 which was read twice and referred
 to the ,committee on ,finance  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to increase the         
exclusion for educational assistance    
programs4  #a4 ,short title ,this ,act  
may be cited as the ,upward ,mobility   
,enhancement ,act4  #b4 ,increase in    
exclusion for educational assistance    
programs  7a7 ,in general ,paragraph    
7#b7 of section #abg7;a7 of the         
,internal ,revenue ,code of #aihf is    
amended to read as follows3  7#b7       
,maximum exclusion  7,a7 ,in general    
,this section shall apply only to the   
first #aa1ejj of educational assistance 
furnished to an individual during a     
calendar year4  7,b7 ,inflation         
adjustment ,in the case of any calendar 
year after #bjag1 the #aa1ejj amount in 

subparagraph 7,a7 shall be increased by 
an amount equal to--  7i7 such dollar   
amount1 multiplied by  7ii7 the         
cost-of-living adjustment determined    
under section #a7;f77#c7 for the        
calendar year in which such taxable year
 begins by substituting calendar year   
#bjaf for calendar year #aiib in        
subparagraph 7,b7 thereof4  ,if any     
increase determined under this          
subparagraph is not a multiple of #ej1  
such increase shall be rounded to the   
next lowest multiple of #ej4  4  7b7    
,effective date ,the amendment made by  
this section shall apply to taxable     
years beginning after ,december #ca1    
#bjaf4