An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Internal Revenue Code of 1986

The official collection of laws that govern federal taxes in the United States.

Gross income

All income a person receives from any source, before any deductions or exemptions are applied.

Qualified scholarships

Money received for tuition, fees, books, supplies, and equipment required for enrollment, which is generally not taxed.

Section 501(c)(3) organization

A type of non-profit organization, such as a charity, educational, or religious group, that is exempt from federal income tax.

Private foundation

A non-profit organization that typically derives its funding from a single source, like a family or corporation, and uses its assets to make grants to other organizations or individuals.

Applicable education loan

A student loan taken out solely to pay for qualified higher education expenses.

Applicable community

A geographic area where the percentage of people with bachelor's degrees is lower than the state or national average.