In December, Congress passed sweeping tax reform legislation and several key issues of concern to UC were successfully addressed in the final bill.
The legislation preserves higher education tax benefits, including Qualified Tuition Reductions (Section 117(d)) and the student loan interest deduction – which would have been eliminated otherwise.
Your advocacy was critical in protecting these benefits that are so important to our students and their families.
Unfortunately, the overall tax package will still make it more difficult for students to access and afford higher education. The legislation’s changes to charitable giving and certain unrelated business income taxation provisions, as well as its repeal of Advance Refunding Bonds, will negatively affect colleges and universities across the country. Additionally, with the elimination of the individual health care coverage mandate, many Californians, as well as UC’s medical centers, will see their health care costs increase.
We are proud to say that at every step in this process, UC was vocal in its advocacy to protect our students under the tax reform proposals. We remain vigilant in our efforts moving ahead and hope you will join with us in our advocacy in the future.