January 5, 2007
Senate Passes Key Tax Breaks
In the last action by the Republican-led U.S. Congress, the Senate last month passed wide-reaching tax and trade legislation that includes two tax breaks related to higher education.
The bill extends a tuition deduction and a research-and-development credit for businesses. Both provisions had expired at the end of 2005, but can be retroactively applied on 2006 returns to be filed in April.
The tuition tax break, enacted in 2001, allows people who earn $65,000 or less a year
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