,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #eaeb  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,septemb] #c1         
#bjba,mr4 ,br5dan ,f4 ,boyle (          
,p5nsylvania introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on ,ways & 
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to provide = a    
phase\t ( ! inve/m5t income excise tax =
 c]ta9 private colleges & univ]sities1 &
 = o!r purposes4  #a4 ,%ort title ,?is  
,act may be cit$ z ! ,high] ,education  
,end[m5t ,tax ,re=m ,act4  #b4 ,phase\t 
( inve/m5t income excise tax = private  
colleges & univ]sities provid+ suffici5t
 grants & s*ol>%ips  7a7 ,9 g5]al       
,section #difh ( ! ,int]nal ,rev5ue     
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new subsection3  7e7 ,phase\t =
 in/itutions provid+ qualifi$ aid  7#a7 
,9 g5]al ,! am\nt ( tax impos$ by       
subsection 7a7 7det]m9$ )\t reg>d to ?is
 subsection7 %all be r$uc$ 7b n bel[    
z]o7 by ! am\nt :i* be>s ! same ratio to
 su* am\nt ( tax 7z s det]m9$7 z-- 7,a7 

! excess 7if any7 (-- 7i7 ! aggregate   
am\nt ( qualifi$ aid aw>ds provid$ by ! 
in/itution to its fir/-"t1 full-"t      
und]graduate /ud5ts = academic p]iods   
beg9n+ dur+ ! taxable ye>1 ov]  7ii7 an 
am\nt equal to #bj p]c5t ( ! aggregate  
und]graduate tuition & fees receiv$ by !
 in/itution f fir/-"t1 full-"t          
und]graduate /ud5ts = su* academic      
p]iods1 be>s to  7,b7 an am\nt equal to 
#ac p]c5t ( su* aggregate und]graduate  
tuition & fees s receiv$4  7#b7         
,in/itution mu/ meet report+ requirem5t 
7,a7 ,9 g5]al ,p>agraph 7#a7 %all n     
apply to an applicable educational      
in/itution = a taxable ye> unless su*   
in/itution furni%es to ! ,secret>y1 &   
makes widely available1 a /atem5t       
detail+ ! av]age aggregate am\nt (      
,f$]al /ud5t loans receiv$ by a /ud5t = 
att5dance at ! in/itution1 av]ag$ among 
ea* ( ! foll[+ gr\ps ( fir/-"t1 full-"t 
und]graduate /ud5ts :o dur+ ! taxable   
ye> complet$ a c\rse ( /udy = :i* !     
in/itution aw>d$ a baccalaureate degree3

 7i7 ,all su* /ud5ts4  7ii7 ,! /ud5ts :o
 h be5 aw>d$ a ,f$]al ,pell ,grant "u   
subp>t #a ( "p ,a ( title ,,iv ( !      
,high] ,education ,act ( #aife =        
att5dance at ! in/itution4  7iii7 ,!    
/ud5ts :o receiv$ "w-/udy assi/ance "u  
"p ,c ( title ,,iv ( su* ,act =         
att5dance at su* in/itution4  7iv7 ,!   
/ud5ts :o 7 provid$ su* ,f$]al /ud5t    
loans4  7,b7 ,=m & mann] = report ,su*  
/atem5t %all be furni%$ at su* "t & 9   
su* =m & mann]1 & made widely available1
 "u su* regulations or guidance z !     
,secret>y may prescribe4  7,c7 ,f$]al   
/ud5t loans ,= purposes ( ?is p>agraph1 
! t]m ,f$]al /ud5t loans means a loan   
made "u "p ,d ( title ,,iv ( ! ,high]   
,education ,act ( #aife1 except su* t]m 
does n include a ,f$]al ,direct ,,plus  
,loan made on behalf ( a dep5d5t /ud5t4 
7#c7 ,o!r def9itions ,= purposes ( ?is  
subsection-- 7,a7 ,fir/-"t1 full-"t     
und]graduate /ud5t ,! t]m fir/-"t1      
full-"t und]graduate /ud5t %all h ! same
 mean+ z :5 us$ 9 section #acb ( !      

,high] ,education ,act ( #aife4  7,b7   
,qualifi$ aid aw>ds ,! t]m qualifi$ aid 
aw>ds means1 ) respect to any applicable
 educational in/itution1 grants &       
s*ol>%ips to ! ext5t us$ = und]graduate 
tuition & fees4  7,c7 ,und]graduate     
tuition & fees ,! t]m und]graduate      
tuition & fees means1 ) respect to any  
in/itution1 ! tuition & fees requir$ = !
 enrollm5t or att5dance ( a /ud5t z an  
und]graduate /ud5t at ! in/itution4  4  
7b7 ,effective date ,! am5dm5t made by  
?is section %all apply to taxable ye>s  
beg9n+ aft] '''4  #c4 ,inflation        
adju/m5t & cl>ification = def9ition (   
applicable educational in/itution  7a7  
,inflation adju/m5t to p] /ud5t asset   
?re%old ,section #difh7;b7 ( ! ,int]nal 
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new p>agraph3  7#c7   
,inflation adju/m5t ,9 ! case ( any     
taxable ye> beg9n+ aft] #bjbb1 ! doll>  
am\nt 9 p>agraph 7#a77;,d7 %all be      
increas$ by an am\nt equal to-- 7,a7 su*
 doll> am\nt1 multipli$ by  7,b7 !      

co/-(-liv+ adju/m5t det]m9$ "u section  
#a7;f77#c7 = ! cal5d> ye> 9 :i* !       
taxable ye> beg9s1 det]m9$ by sub/itut+ 
cal5d> ye> #bjba = cal5d> ye> #bjaf 9   
subp>agraph 7,a77ii7 !re(4  ,if any     
increase det]m9$ "u ?is p>agraph is n a 
multiple ( #a1jjj1 su* increase %all be 
r\nd$ to ! ne>e/ multiple ( #a1jjj4  4  
7b7 ,cl>ification ( #ejj /ud5t ?re%old  
,section #difh7;b77#a77;,a7 ( su* ,code 
is am5d$ by ins]t+ bel[ ! graduate level
 aft] #ejj tuition-pay+ /ud5ts4  7c7    
,effective date ,! am5dm5t made by ?is  
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjba4