Bill — H.R. 6743, Protect Vulnerable Students from Surprise Tax Bills Act (House, May 8, 2020)
Summary
H. R. 6743 was introduced in the House of Representatives on May 8, 2020 by Mr. Danny K. Davis of Illinois and referred to the Committee on Ways and Means. The bill may be cited as the Protect Vulnerable Students from Surprise Tax Bills Act. Section 2 provides that gross income shall not include any qualified emergency financial aid grant received by a candidate for a degree at an eligible educational institution. The grants covered are those made under section 18004, section 3504(a) or section 3518(a) of the CARES Act, and section 18008 of that Act. The exclusion applies to grants made after March 26.
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“Bill — H.R. 6743, Protect Vulnerable Students from Surprise Tax Bills Act (House, May 8, 2020).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116hr6743ih-bills-116hr6743ih/
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I
116TH CONGRESS
2D SESSION
H. R. 6743
To amend the CARES Act to exclude from gross income emergency financial
aid grants to students, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 8, 2020
Mr. DANNY K. DAVIS of Illinois introduced the following bill; which was
referred to the Committee on Ways and Means
A BILL
To amend the CARES Act to exclude from gross income
emergency financial aid grants to students, and for other
purposes.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Protect Vulnerable
5 Students from Surprise Tax Bills Act’’.
6 SEC. 2. EXCLUSION OF EMERGENCY FINANCIAL AID
7 GRANTS FROM GROSS INCOME.
8 (a) IN GENERAL.—
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9 (1) EXCLUSION FROM GROSS INCOME.—For
10 purposes of the Internal Revenue Code of 1986,
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2
1 gross income shall not include any qualified emer-
2 gency financial aid grant.
3 (2) QUALIFIED EMERGENCY FINANCIAL AID
4 GRANT.—The term ‘‘qualified emergency financial
5 aid grant’’ means any amount received by an indi-
6 vidual who—
7 (A) is a candidate for a degree at an eligi-
8 ble educational institution described in section
9 25A(f)(2) of the Internal Revenue Code of
10 1986, and—
11 (B) received an emergency financial aid
12 grant—
13 (i) pursuant to section 18004 of the
14 CARES Act for expenses related to the
15 disruption of campus operations due to
16 COVID–19 (including eligible expenses
17 under a student’s cost of attendance, such
18 as food, housing, course materials, tech-
19 nology, health care, and child care);
20 (ii) pursuant to section 3504(a) of
21 such Act, or pursuant to a grant use modi-
22 fication under section 3518(a) of such Act,
23 for unexpected expenses and unmet finan-
24 cial need as the result of a qualifying
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1 emergency as defined in section 3502(a)(4)
2 of such Act; or
3 (iii) pursuant to section 18008 of
4 such Act for expenses directly related to
5 coronavirus and the disruption of univer-
6 sity operations.
7 (b) EFFECTIVE DATE.—This section shall apply to
8 emergency financial aid grants made after March 26,
9 2020.
Æ
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