On November 2, 2017, the Tax Cuts and Jobs Act was introduced in the U.S. House of Representatives and is due for a vote this week. It is a State Congress bill that aims to simplify and reform the Internal Revenue Code (I.R.C.) of 1986. Amongst various other provisions, the bill calls for repeal of sections I.R.C. § 117(d) and 127.
If the provision does indeed pass, in one of the many scenarios that could play out, graduate students would be placed under significant financial duress, at least in the short run. In the long term, universities and grant institutions could seek to increase stipend, reduce tuition, or use other provisions for deductions. However, until this bill passes, there has been a resounding call to graduate students to be vigilant about the path that it takes and to hold their elected representatives accountable.
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