NAICU - Nichols College President Testifies Before House Ways and Means Committee

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Nichols College President Testifies Before House Ways and Means Committee

NAICU Washington Update

May 14, 2008

Debra Townsley, president of Nichols College in Massachusetts, testified on NAICU's behalf before the House Ways and Means Subcommittee on Select Revenue on the importance of a variety of higher education tax incentives. She was invited to testify by Rep. Richard Neal (D-Mass.), chairman of the subcommittee. Nichols is located in Neal's district.

The hearing examined the many tax benefits available to students, families, graduates, and institutions. In her testimony, Townsley pushed for immediate and retroactive extension of the tuition deduction for higher education expenses, and the IRA charitable rollover. Both provisions expired at the end of 2007 and have not been renewed. "Just last month, I received a call from a trustee asking if he could use the IRA rollover to endow a scholarship to Nichols," she said. "I had to tell him, unfortunately, not right now."

Townsley also spoke on behalf of permanently extending several other provisions important to NAICU institutions. IRC Sec 127 (employer-provided education assistance), improvements to the student loan interest deduction, and the preferential tax treatment of Coverdell Education Saving Accounts are all popular and much needed higher education tax benefits, but all will expire at the end of 2010 if not renewed. Witnesses also discussed the complexity credits and deductions, and the possibility of consolidating and simplifying the provisions.

The committee is not currently planning legislation on consolidating the credits, but is looking at extending the provisions that have already expired. While no specific time frame was discussed, Townsley strongly urged immediate retroactive extension of the tuition deduction and IRA charitable rollover.

Contact

Karin Johns
karin@naicu.edu