Friday, December 17, 2010

Tax Bill keeps tax credit for for-profit colleges

Again with the good compromise in Congress.  After the scathing GAO report on for-profit colleges some in Congress wanted to eliminate the tax credit for students attending those schools.  But cooler heads prevailed and they decided that the new regulations would fix the problem.  So students in for-profit schools will still have the $1,700 tax credit available to them.  And the industry has 6 months to clean up our act.

The money quote from Secretary Duncan:

"The vast majority of the for-profits are part of the solution, Duncan said. "They're really helping disadvantaged individuals take that next step up the career ladder."

"Where we have some bad actors, we're dealing with that," he added. "The industry itself is desperately needed to get the country where we need to educationally."

NICE!  He gets it and Congressional compromise creates better bills.  An outstanding day for democracy!