To amend the Internal Revenue Code of 1986 to provide a refundable tax credit for certain expenses of applying to graduate school.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; FINDINGS.
(a) Short Title.--This Act may be cited as the ``Leadership Invests in the Future Through Helping Individuals Gain Higher Education and Retraining Act of 2012'' or as the ``LIFT HIGHER Act of 2012''. (b) Findings.--Congress finds the following: (1) The median student loan debt for students who graduated from college between 2006 and 2010 is $20,000. (2) Application fees for individual schools range from $40 to $140. The cost of taking the Graduate Record Exam once is $150. Law school admission test preparation courses cost upwards of $1,500. These costs make it difficult for many students to apply to graduate school and discourage others from doing so. (3) The percentage of Americans with graduate degrees is continuing to rise, with 10.9% of the population having graduate degrees as of 2011. (4) Persons with advanced degrees earn on average $3.2 million in their lifetime compared to those holding a bachelors degree who earn about $2.27 million. (5) It is in the national interest to have highly educated citizenry. (6) University education is the best and most effective way to obtain professional training and skills.
SEC. 2. REFUNDABLE TAX CREDIT FOR GRADUATE SCHOOL APPLICATION EXPENSES.
(a) In General.--Subpart C of part IV of subchapter A...