,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #fgf  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #f1 #bjai,mr4     
,pet]s 7= himself & ,mrs4 ,capito7      
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,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 (      
#bjai4  #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$--  7#a7 by /rik+ 
! p]iod at ! end & ins]t+ 1 or1  7#b7 by
 /rik+ any am\nt receiv$ & ins]t+ !     
foll[+3  any am\nt :i*-- 7#a7 is receiv$
  1 &  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;a7 7o!r ?an an           
organization 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$ical education71 &  7,,ii7 is ei!r 
a private f\ndation or a community tru/ 
describ$ 9 section                      
#agj7;b77#a77;,a77vi71  7ii7 :i*        
requires a grantee to live & "w 9 an    
applicable community1 &  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 community
 ,= purposes ( subp>agraph 7,a77ii71 !  
t]m applicable community means any area 
t-- 7i7 is--  7,i7 a l[-income community
 7z det]m9$ "u section #de;,d7e771 or   
7,,ii7 a c\nty t has1 dur+ ! #aj-ye>    
p]iod end+ ) ! ye> 9 :i* ! mo/ rec5t    
c5sus 0 conduct$1 a net out-migration ( 
inhabitants f ! c\nty ( ! population ( !
 c\nty at ! beg9n+ ( su* p]iod1 &  7ii7 
has a ba*elor's degree atta9m5t rate = !
 population ( #be-cd ye>-olds t is bel[ 
! national av]age = su* population 7z   
det]m9$ bas$ on data collect$ by !      
,c5sus ,bureau74  7,c7 ,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 ,regulatory au?ority   
,section #aag ( su* ,code is am5d$ by   
add+ at ! end ! foll[+ new subsection3  
7e7 ,regulations ,! ,secret>y %all      
prescribe su* report+ requirem5ts &     
regulations z may be necess>y or        
appropriate to c>ry out subsection      

7a77#b71 includ+--  7#a7 regulations    
def9+ "u :at conditions an individual is
 consid]$ to live & "w 9 a community =  
purposes ( subsection 7b77#b77;,a77ii71 
&  7#b7 regulations to ensure !         
implem5tation & effectiv5ess ( su*      
subsection4  4  7f7 ,effective date ,!  
am5dm5ts made by ?is section %all apply 
) respect to taxable ye>s beg9n+ aft] ! 
date ( enactm5t ( ?is ,act4  7g7        
,reports  7#a7 ,secret>y ( ,treasury ,n 
lat] ?an #c ye>s aft] ! date ( !        
enactm5t ( ?is ,act1 & p]iodically      
!reaft]1 ! ,secret>y ( ! ,treasury1 or !
 ,secret>y's delegate1 %all submit to   
,congress a report on ! implem5tation & 
effectiv5ess ( ! am5dm5ts made by ?is   
section4  7#b7 ,comptroll] ,g5]al  7,a7 
,9 g5]al ,n lat] ?an #e ye>s aft] ! date
 ( enactm5t ( ?is ,act1 ! ,comptroll]   
,g5]al ( ! ,unit$ ,/ates %all publi% !  
result ( a /udy on po/-graduation       
s*ol>%ip grants to :i* section #aag ( ! 
,int]nal ,rev5ue ,code ( #aihf 7z am5d$ 
by ?is section7 applies4  7,b7 ,cont5ts 

,! in=mation publi%$ "u subp>agraph 7,a7
 %all include ! foll[+3 7i7 ,a          
description ( ! *>act]i/ics (           
individuals :o receive po/-graduation   
s*ol>%ip grants4  7ii7 ,! l5g? ( "t     
involv$ 9 su* grants4  7iii7 ,! am\nt   
paid out "u su* grants4  7iv7 ,!        
disposition ( any funds paid "u su*     
grants1 includ+ ! id5tity ( any loan    
hold]s :o b5efit f su* funds4