S. 454Senate110th Congress (2007-2009)In Committee

Improving Access to Higher Education Act of 2007

Introduced January 31, 2007

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

January 31, 2007

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SenateIntro Referral

Introduced in Senate

January 31, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S1430-1431)

January 31, 2007

SenateIntro Referral

Read twice and referred to the Committee on Finance.

January 31, 2007

Floor Debate

19 members

What members said about S. 454 on the floor

4 Republicans15 Democrats
Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Jan 31, 2007

Mr. President, today I am introducing the Federal Death Penalty Abolition Act of 2007. This bill would abolish the death penalty at the Federal level. It would put an immediate halt to executions and…

Christopher J. Dodd
Sen. Christopher J. DoddD-CT · Jan 31, 2007

Mr. President, I rise today to introduce the Fair Access to Clinical Trials (FACT) Act. I want to begin by thanking Senators Grassley, Wyden, Bingaman, Durbin, and Harkin for joining me in…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 31, 2007

Mr. President, I am pleased to join Senator Hatch and a bipartisan group of at least 15 original cosponsors in introducing comprehensive antiaging legislation--the Gang Abatement and Prevention Act…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jan 31, 2007

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record. Mr. President, I rise today to introduce the John R. Justice Prosecutors and Defenders Incentive Act of…

Harry Reid
Sen. Harry ReidD-NV · Jan 31, 2007

Mr. President, we are going to have a debate on Iraq, and it will be a historic debate about that war, a war that has demanded unparalleled sacrifices from our men and women in uniform. While we have…

Show 8 more
Chuck Grassley
Sen. Chuck GrassleyR-IA · Jan 31, 2007

Mr. President, I ask unanimous consent that the text of this bill be printed in the Record. Madam President, I am pleased to have bipartisan sponsorship of two very important bills with Senator Dodd…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Jan 31, 2007

Mr. President, I rise today to introduce the Improving Access to Higher Education Act. This legislation would provide an increase in the maximum Pell grant award to $5,100, as well as additional…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Jan 31, 2007

Mr. President, I rise today to introduce the Improving Access to Higher Education Act. This legislation would provide an increase in the maximum Pell grant award to $5,100, as well as additional…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jan 31, 2007

Mr. President, when reflecting on the attributes that have made our great country prosperous--its free market system, its hard- working and enterprising people, its treasured natural resources--we…

John F. Kerry
Sen. John F. KerryD-MA · Jan 31, 2007

Mr. President, today Senator Smith and I are introducing the Active Duty Military Tax Relief Act of 2007. This legislation will help those who are valiantly serving their country and the families…

Charles E. Schumer
Sen. Charles E. SchumerD-NY · Jan 31, 2007

Mr. President, I rise today to join with Senator Obama in introducing landmark legislation to protect the most sacred right of our democracy: the right to vote. The Obama-Schumer Deceptive Practices…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Jan 31, 2007

Mr. President, death is by no means an easy subject to talk about; nonetheless, end-of-life care continues to be a controversial topic that must be addressed. Today, I am introducing three bills that…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Jan 31, 2007

Mr. President, I am pleased to reintroduce the National Foreign Language Coordination Act with my colleagues Senators Thad Cochran, Christopher Dodd, and Russell Feingold. We are joined by…

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Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jan 31, 2007

Mr. President, today, I join Senators Obama, Schumer, Cardin, Feinstein, Feingold, Clinton, and Kerry to introduce the Deceptive Practices and Voter Intimidation Prevention Act of 2007, a measure…

Joseph R. Biden Jr.
Sen. Joseph R. Biden Jr.D-DE · Jan 31, 2007

Mr. President, I rise to introduce the State and Local Law Enforcement Discipline Accountability, and Due Process Act of 2007. These are trying times for the men and women on our front lines who…

Bill Nelson
Sen. Bill NelsonD-FL · Jan 31, 2007

Mr. President, I am pleased to be joined by my colleagues and cosponsors Senators Jay Rockefeller and Richard Lugar as we introduce the Advance Directives Improvement and Education Act of 2007. The…

John McCain
Sen. John McCainR-AZ · Jan 31, 2007

Mr. President, once again I am pleased to be joined by my good friend and colleague Senator Feingold from Wisconsin in introducing a bill to end the illegal practice of 527 groups spending soft money…

Barack Obama
Sen. Barack ObamaD-IL · Jan 31, 2007

Mr. President, I am pleased to introduce a bill today that seeks to address the all-too-common efforts to deceive voters in order to keep them away from the polls. It's hard to imagine that we even…

Max Baucus
Sen. Max BaucusD-MT · Jan 31, 2007

Mr. President, I rise today to introduce the Rural Heritage Conservation Extension Act of 2007, along with my good friend Senator Grassley from Iowa. As we all know, the country, and my home State of…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Jan 31, 2007

Mr. President, it's a privilege to join Senator Obama and our other colleagues in sponsoring the Deceptive Practices and Voter Intimidation Prevention Act, because it addresses an essential aspect of…

Bill Text

Latest available legislative text

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Introduced in SenateIssued January 31, 2007

II

110th CONGRESS

1st Session

S. 454

IN THE SENATE OF THE UNITED STATES

January 31, 2007

Ms. Collins introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To provide an increase in funding for Federal Pell Grants, to amend the Internal Revenue Code of 1986 in order to expand the deduction for interest paid on student loans, raise the contribution limits for Coverdell Education Savings Accounts, and make the exclusion for employer provided educational assistance permanent, and for other purposes.

1.

Short title

This Act may be cited as the Improving Access to Higher Education Act of 2007.

2.

Increase in Federal Pell Grants

(a)

Amendment

Section 401 of the Higher Education Act of 1965 (20 U.S.C. 1070a) is amended—

(1)

in subsection (a)(1), by striking 2004 and inserting 2008; and

(2)

in subsection (b)—

(A)

in subparagraph (A) of paragraph (2), by striking shall be— and all that follows through that year. and inserting shall be $5,100 for academic year 2007–2008, less an amount equal to the amount determined to be the expected family contribution with respect to that student for that year.; and

(B)

in paragraph (5), by striking $400 each place the term appears and inserting $500.

(b)

Additional funds

(1)

In general

There are authorized to be appropriated, and there are appropriated, to carry out paragraph (2) (in addition to any other amounts appropriated to carry out section 401 of the Higher Education Act of 1965 (20 U.S.C. 1070a) and out of any money in the Treasury not otherwise appropriated) $4,331,000,000 for academic year 2007–2008.

(2)

Increase in Federal Pell Grants

The funds made available pursuant to paragraph (1) shall be used to increase the amount of the maximum Federal Pell Grant under section 401 of the Higher Education Act of 1965 for which funds are appropriated under appropriations Acts for fiscal year 2007 by $1,050 for award year 2007–2008.

(c)

Effective date

The amendments made by subsection (a)(2)(B) shall take effect on July 1, 2007.

3.

Expansion of deduction for interest on education loans

(a)

Increased limitation

(1)

Maximum deduction

Paragraph (1) of section 221(b) of the Internal Revenue Code of 1986 (relating to maximum deduction) is amended to read as follows:

(1)

In general

Except as provided in paragraph (2), the deduction allowed by subsection (a) for the taxable year shall not exceed $3,750.

.

(2)

Increase in phaseout

Subclause (II) of section 221(b)(2)(i) of such Code is amended by striking $50,000 ($100,000 and inserting $75,000 ($150,000.

(b)

Conforming amendment

Section 221(f)(1) of such Code is amended to read as follows:

(1)

In general

In the case of a taxable year beginning after 2007, the $75,000 and $150,000 amounts in subsection (b)(2) shall each be increased by an amount equal to—

(A)

such dollar amount, multiplied by

(B)

the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2006 for calendar year 1992 in subparagraph (B) thereof.

.

(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2006.

(d)

Repeal of EGTRRA sunset

Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 (relating to sunset of provisions of such Act) shall not apply to section 412 of such Act (relating to elimination of 60-month limit and increase in income limitation on student loan interest deduction).

4.

Coverdell education savings accounts

(a)

Increase in allowable contributions

(1)

In general

Clause (iii) of section 530(b)(1)(A) of the Internal Revenue Code of 1986 is amended by striking $2,000 and inserting $3,000.

(2)

Conforming amendment

Section 4973(e)(1)(A) of such Code is amended by striking $2,000 and inserting $3,000.

(b)

Reports

Subsection (h) of section 530 of such Code is amended by striking the period at the end of the last sentence and inserting , except that reports shall be so filed and furnished for any calendar year not later than June 30 of the following year..

(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2006.

(d)

Repeal of EGTRRA sunset

Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 (relating to sunset of provisions of such Act) shall not apply to section 401 of such Act (relating to modifications to education individual retirement accounts).

5.

Repeal of EGTRRA sunset for employer-provided educational assistance

Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 (relating to sunset of provisions of such Act) shall not apply to section 411 of such Act (relating to extension of exclusion for employer-provided educational assistance).