Washington, DC - Congresswoman Zoe Lofgren (D-CA) today introduced legislation to allow Americans to deduct the cost of college education from their income taxes. Lofgren's bill, the Affordable College Education (ACE) Act of 2003, will give families more opportunities to attend college by making college more affordable. Under the bill, taxpayers will be able to deduct expenses including tuition, room and board, books and other expenses related to attending college in the United States.
"If the President wants to cut $674 billion in taxes, we should do this right. We should promote a prosperous future for America," said Lofgren. "We should encourage the intellectual development of our nation's youth. We should focus on families and students and make college possible for everyone," continued Lofgren.
Lofgren believes taxpayers need relief from the increasingly high costs of college. The bill has no income limit and will greatly benefit middle class Americans facing increasing college tuition and expenses.
"ACE puts money back in the pockets of middle-class families who need help with college costs. It will allow American taxpayers to fully deduct college expenses including tuition, room and board, books, supplies and other expenses," said Lofgren. "This bill will also help Americans saddled with student loan debt by allowing them to deduct all student loan interest."
Currently, taxpayers have very few avenues of relief to pay for the rising cost of college education expenses:
Lofgren's ACE bill will do the following: