The U.S. Senate passed tax reform legislation along party lines early Saturday, with several significant differences from the House bill passed Nov. 16 pertaining to higher education. One amendment stipulates that individuals can deduct only up to $10,000 on state and local property taxes, which colleges and universities worry will stop donors from making sizable gifts to schools, according to Inside Higher Ed.
The House bill repealed the tax deduction on student loan interest and instituted a tax on tuition waivers as income (the waivers help graduate students enroll tuition-free), but both of these provisions are missing in the Senate version of the bill, according to the Washington Post.
