Last night, the White House announced a deal on the tax extenders. Under the agreement, all 2001/2003 tax provisions enacted during the Bush administration would be extended for two years, through 2012.
For higher education, this includes Sec. 127 (employer-provided education assistance), and the improvements made to the student loan interest deduction and Coverdell Education Savings Accounts.
The agreement would also extend certain stimulus tax provisions for two years, including the American Opportunity Tax Credit. Finally, the deal would retroactively extend the already expired 2009 items, including the IRA charitable rollover and the tuition deduction, through 2011.
The deal was primarily negotiated between President Obama and House and Senate Republicans. Many congressional Democrats are upset that the agreement includes no income cap. The deal will need to be approved by the House and Senate.
Previous update: Higher Ed Tax Provisions Move on the Hill (Dec. 3)
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