,,ii  #aaith ,,congress  #b;d ,session  
,s4 #ecbb  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,august #f1    
#bjbf,mrs4 ,hyde-,smith 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 modify the   
credit amount for qualified elementary  
and secondary education scholarships4   
#a4 ,short title ,this ,act may be cited
 as the ,federal ,tax ,credit           
,scholarship ,improvement ,act4  #b4    
,treatment of joint returns2 inflation  
adjustment  7a7 ,in general ,paragraph  
7#a7 of section #be;,f7b7 of the        
,internal ,revenue ,code of #aihf is    
amended to read as follows3  7#a7       
,dollar limitation ,for purposes of this
 section-- 7,a7 ,in general ,the credit 
allowed under subsection 7a7 to any     
taxpayer for any taxable year shall not 
exceed the applicable amount 7twice such
 amount in the case of a joint return74 
7,b7 ,applicable amount ,the applicable 

amount is #a1gjj4  7,c7 ,adjustment for 
inflation  7i7 ,in general ,in the case 
of a taxable year beginning after       
,december #ca1 #bjbf1 the #a1gjj amount 
under subparagraph 7,b7 shall be        
increased by an amount equal to-- 7,i7  
such amount1 multiplied by  7,,ii7 the  
cost-of-living adjustment determined    
under section #a7;f77#c7 by substituting
 calendar year #bjbe for calendar year  
#bjaf in subparagraph 7,a77ii7 thereof4 
7ii7 ,rounding ,if any increase         
determined under clause 7i7 is not a    
multiple of #ej1 such increase shall be 
rounded to the nearest multiple of #ej4 
7iii7 ,publication of adjusted amount   
,not later than ,november #a of each    
calendar year1 the ,secretary shall     
publish the adjusted limitation         
applicable for the following taxable    
year4  4  7b7 ,effective date ,the      
amendment made by this section shall    
apply to taxable years beginning after  
,december #ca1 #bjbe4