S.Amdt. 1939

SA 1939. Mr. MENENDEZ (for himself and Mr. Booker) submitted an
amendment intended to be proposed to amendment SA 1930 proposed by Mr.
McConnell to the bill H.R. 1892, to amend title 4, United States Code,
to provide for the flying of the flag at half-staff in the event of the
death of a first responder in the line of duty; which was ordered to
lie on the table; as follows:

On page 260, between lines 6 and 7, insert the following:

SEC. 41120. CREDIT AGAINST TAX ON INVESTMENT INCOME OF
PRIVATE COLLEGES AND UNIVERSITIES.

(a) In General.--Subchapter B of chapter 65 is amended by
adding at the end the following new section:

``SEC. 6433. CREDIT AGAINST TAX ON INVESTMENT INCOME OF
PRIVATE COLLEGES AND UNIVERSITIES.

``(a) Allowance of Credit.--There shall be allowed as a
credit against the tax imposed by section 4968 an amount
equal to so much of the qualified tuition waiver amount for
the taxable year as does not exceed the amount of such tax
for such taxable year.
``(b) Qualified Tuition Waiver Amount.--For purposes of
this section--
``(1) In general.--The term `qualified tuition waiver
amount' means the product of--
``(A) the regular tuition for a full-time student at the
applicable educational institution (as defined in section
4968(b)(1)) for academic periods during the taxable year, and
``(B) the number of qualified students attending the
applicable educational institution full-time during such
periods who do not pay any tuition.
``(2) Qualified student.--The term `qualified student'
means any full-time student if the total income (as defined
in section 480 of the Higher Education Act of 1965) for the
student's family, determined in accordance with part F of
title IV of such Act, does not exceed $150,000 for the
taxable year.
``(3) Exclusion of third-party scholarships, etc.--A
qualified student shall not be taken into account under
paragraph (1)(B) if the student's tuition is paid by any
person other than the applicable educational institution,
including by scholarship, grant, or loan.
``(c) Tuition.--For purposes of this section, the term
`tuition' does not include--
``(1) expenses for room and board, and
``(2) expenses described in section 117(b)(2)(B).''.
(b) Clerical Amendment.--The table of sections for
subchapter B of chapter 65 is amended by adding at the end
the following new item:

``Sec. 6433. Credit against tax on investment income of private
colleges and universities.''.
(c) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2017.
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