,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #dhdi  ,,in ,,the ,,house ,,of  
,,representatives  ,october #bc1        
#bjai,mr4 ,smith of ,missouri 7for      
himself and ,mr4 ,danny ,k4 ,davis of   
,illinois7 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 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 year1 in the case of assistance
 for education below the graduate level4

  7,b7 ,inflation adjustment ,in the    
case of any calendar year after #bjai1  
the dollar 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 #bjag for calendar year #bjaf in   
subparagraph 7,a77ii7 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    
#bjah4