DIGEST OF INTRODUCED BILL
Deduction for postsecondary tuition. Provides a deduction to an individual in each taxable year for "qualified tuition and related expenses" (as defined in Section 25A of the Internal Revenue Code) paid by the individual during the taxable year. Limits the amount of the deduction to $4,000 per taxable year for an individual filing a single return and $8,000 per taxable year for a couple filing a joint return. Provides for a lifetime limit of $20,000 of deductions for qualified tuition and related expenses per individual for all taxable years.