Code Section 142
| Code Section | Effective Date | Name of Act | Name of Provision | 10yr Revenue Estimate ($millions) |
|---|---|---|---|---|
| 117, 127, 142, 146-148, 221, 530 | 12/31/2012 | The American Taxpayer Relief Act of 2012 | Education incentives | -23,149 |
| 42, 142 | 1/1/2012 | The American Taxpayer Relief Act of 2012 | Treatment of basic housing allowances for purposes of income eligibility rules | -37 |
| 117, 127, 142, 146–148, 221, 530 | 12/17/2010 | The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 | Education Incentives |
-3,333 |
| 142(i) | 2/17/2009 | The American Recovery and Reinvestment Act of 2009 (Public Law 111-5) | Modification to high-speed intercity rail facility bonds | -288 |
Education incentives
Explanation of Provision
The Act makes permanent the EGTRRA changes to the NHSC Scholarship Program and the Armed Forces Scholarship Program, the section 127 exclusion from income and wages for employer-provided educational assistance, the student loan interest deduction, the Coverdell education savings accounts, the expansion of the small government unit exception to arbitrage rebate and the allowance of the issuance of tax-exempt private activity bonds for public school facilities. Thus, all of these tax benefits for education continue to be available after 2012.
Treatment of basic housing allowances for purposes of income eligibility rules
Explanation of Provision
The provision extends the special rule for two additional years (through December 31, 2013).
Education Incentives
Explanation of Provision
The provision delays the EGTRRA sunset as it applies to the NHSC Scholarship Program and the Armed Forces Scholarship Program, the section 127 exclusion from income and wages for employer-provided educational assistance, the student loan interest deduction, and Coverdell education savings accounts for two years. The provision also delays the EGTRRA sunset as it applies to the expansion of the small government unit exception to arbitrage rebate and allowing issuance of tax-exempt private activity bonds for public school facilities. Thus, all of these tax benefits for education continue to be available through 2012.
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Modification to high-speed intercity rail facility bonds
Explanation of Provision
In General
The provision modifies the requirement that high-speed intercity rail transportation facilities use vehicles that are reasonably expected to operate at speeds in excess of 150 miles per hour. Instead, under the provision such facilities must use vehicles capable of attaining a maximum speed in excess of 150 miles per hour.
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