Tax relief for parents of schoolchildren moved forward today this week when the House Ways and Means Committee approved a bill to give taxpayers a $3,000 above-the-line tax deduction for primary and secondary school expenses.
The bill great out of the Economic Growth and Tax Relief Reconciliation Act of 2001, which permits the deduction, but only for higher education expenses.
The new bill (HR 5193) would be limited to taxpayers with household incomes of $40,000 or less for married couples. Families with incomes up to $130,000 can claim the higher education deduction.
