S. 3940: Educational Opportunity and Affordability Act of 2006

109th Congress · introduced 2006-09-26 · Taxation · Latest: Read twice and referred to the Committee on Finance.

federal

Follow this bill, step by step

Where it came from: introduced 2006-09-26 · official record
Who proposed it: Sen. Smith, Gordon H. [R-OR] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Educational Opportunity and Affordability Act of 2006

Plain summary

Educational Opportunity and Affordability Act of 2006 - Amends the Internal Revenue Code to: (1) increase, make permanent, and make athletic coaches, trainers, or assistants eligible for the tax deduction for the expenses of elementary and secondary school teachers; (2) allow the Hope scholarship credit for the first three years (currently, two years) of postsecondary education, expand the type of expenses eligible for the credit, and allow the receipt of Pell Grants and federal supplemental educational opportunity grants without a reduction in the allowable credit; (3) increase the employee tax exclusion for employer-provided educational assistance; (4) increase the tax deduction for student loan interest; (5) extend through 2010 the authority for issuing qualified zone academy bonds (QZABs) and include bonds issued for public schools in rural counties and counties with National Forest System Lands; and (6) increase the tax deduction for qualified tuition and related expenses.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Educational Opportunity and Affordability Act of 2006

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Smith, Gordon H. [R-OR] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Bond: A way to borrow money. A government sells bonds to raise money now and promises to pay it back with interest over time. Bonds repaid from taxes often need voter approval.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-109s3940.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/109/s>

Record fed-us-cong109-s3940 · catalog fed-us-congress-bills-cong109 · updated 2026-11-15 by psicol fed-bills-cong109