Political Quotes

“Senator DeWine and I are offering an amendment to reduce some of the burdensome reporting requirements placed on educational institutions by the Hope Scholarship and Lifetime Learning Tax Credits. These education tax incentives, which Congress created last year, are of great benefit to students and their families. Unfortunately, our attempt to expand educational opportunities has had the unintended effect of imposing a burdensome and costly reporting requirement on our post-secondary schools. Beginning with tax year 1998, every college, university, and proprietary school will have to provide the IRS with an array of information that will do little, if anything, to assist in tax collection. Not only will these schools have to report Social Security numbers and the amount of qualified tuition and aid for each student, the schools will also have to report to the IRS on the students' attendance status and program level. But that is not all, and the reporting requirements do not stop there, Mr. President. The schools will also be required to report either a taxpayer ID number or Social Security number for the person who will claim the tax credit--generally a parent or a guardian--for all students who do not claim the tax credit themselves. This administrative nightmare translates into real money. The American Council on Education has estimated that this reporting requirement will cost our colleges and universities $115 million in 1998 and $136 million in 1999.”