S.2851: A bill to amend the Internal Revenue Code of 1986 to increase the deduction for qualified higher education expenses to $10,000, and for other purposes.

Amends the Internal Revenue Code to change the permitted deduction for qualified higher education tuition and related expenses to: (1) $10,000 in the case of a taxpayer whose adjusted gross income is $65,000 or less ($130,000 in the case of a joint return); and (2) $5,000 in the case of a taxpayer earning above $65,000 up through $80,000 ($160,000 in the case of a joint return).Applies this Act to payments made after December 31, 2001 (present...

(Source: Library of Congress)