AJCU has worked extensively to maintain a number of tax provisions that have been important to our Jesuit institutions and to higher education throughout the years. By providing tax credits, deductions, and other benefits, primarily to middle class families, most of these provisions have assisted students and parents in offsetting the cost of higher education. Other provisions have benefited our institutions by incentivizing donations and by supporting research and development at our colleges and universities. For this reason, AJCU will continue to support the preservation of the following tax provisions:
In the 2016 Omnibus Appropriations bill, numerous tax provisions were included. Twenty-two tax breaks were made permanent while dozens of others were extended.
Key tax breaks extended permanently include:
An enhanced American Opportunity Tax Credit (AOTC)
The Charitable IRA Rollover; and
A modified R&D Tax Credit
In addition, the Tuition and Fees Deduction has been extended for two years (2015 and 2016).
The proposal also reforms the reporting requirements for form 1098-T so that educational institutions will only have to report qualified tuition and related expenses actually paid, rather than choosing between amounts paid and amounts billed, as under current law.
View the section-by-section explanation of the extender bills for more information
Select Provision Described:
Select a provision at left for in-depth description.