S.Amdt. 2734

1. Adds SEC. __. HOPE SCHOLARSHIP CREDIT EXPANDED TO COVER EXPENSES FOR OTHER EDUCATIONAL EXPENSES wherever appropriate

   Adds a section

   Inserted: SEC. __. HOPE SCHOLARSHIP CREDIT EXPANDED TO COVER EXPENSES FOR OTHER EDUCATIONAL EXPENSES.

   Inserted: (a) Expansion of Credit.--

   Inserted: (1) In general.--Sections 25A(b) is amended by striking "qualified tuition and related expenses" each place it appears and inserting "qualified higher education expenses".

   Inserted: (2) Conforming amendments.--

   Inserted: (A) Subsections (e) and (g)(1) of section 25A are each amended by inserting "or the qualified higher education expenses" after "the qualified tuition and related expenses" each place it appears.

   Inserted: (B) Paragraphs (2) and (3)(B) of section 25A(g) are each amended by inserting "and qualified higher education expenses" after "qualified tuition and related expenses" each place it appears.

   Inserted: (C) Subsection (g)(4) of section 25A is amended by inserting "or qualified higher education expenses" after "qualified tuition and related expenses".

   Inserted: (D) Section 6050S is amended by inserting "and qualified higher education expenses" after "qualified tuition and related expenses" each place it appears.

   Inserted: (b) Qualified Higher Education Expenses.--Section 25A(f) is amended by adding at the end the following new paragraph:

   Inserted: "(3) Qualified higher education expenses.--

   Inserted: "(A) In general.--The term 'qualified higher education expenses' means the tuition, fees, books, supplies, and equipment required for the enrollment or attendance of--

   Inserted: "(i) the taxpayer,

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   Inserted: "(ii) the taxpayer's spouse, or

   Inserted: "(iii) any dependent of the taxpayer with respect to whom the taxpayer is allowed a deduction under section 151, at an eligible educational institution for courses of instruction of such individual at such institution.

   Inserted: "(B) Special needs services.--In the case of an individual described in subparagraph (A) with special needs, such term includes expenses for special needs services which are incurred in connection with such enrollment or attendance.

   Inserted: "(C) Room and board.--

   Inserted: "(i) In general.--Such term shall also include reasonable costs for such period incurred by an individual described in subparagraph (A) for room and board while attending such institution.

   Inserted: "(ii) Limitation.--The amount treated as qualified higher education expenses by reason of clause (i) shall not exceed--

   Inserted: "(I) the allowance (applicable to the individual) for room and board included in the cost of attendance (as defined in section 472 of the Higher Education Act of 1965 (20 U.S.C. 1087ll), as in effect on the date of the enactment of the Economic Growth and Tax Relief Reconciliation Act of 2001) as determined by the eligible educational institution for such period, or

   Inserted: "(II) if greater, the actual invoice amount the student residing in housing owned or operated by the eligible educational institution is charged by such institution for room and board costs for such period.".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to expenses paid after December 31, 2005, (in taxable years ending after such date) for education furnished in academic periods beginning after such date.

   Inserted: SEC. __. MODIFICATION OF EFFECTIVE DATE OF LEASING PROVISIONS OF THE AMERICAN JOBS CREATION ACT OF 2004 FOR FOREIGN ENTITITES .

   Inserted: (a) In General.--Section 849(b)(3) of the American Jobs Creation Act of 2004, as amended by this Act, is amended by striking "December 31, 2005" and inserting "December 31, 2004".

   Inserted: (b) Effective Date.--The amendment made by this section shall take effect as if included in the enactment of the American Jobs Creation Act of 2004.

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   Original wording

   At the appropriate place, insert the following:

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As printed