A Big Step For the Higher-Ed Tax Credit (Rep. Chaka Fattah)

The inclusion of my plan for refundable higher education credits in the House economic stimulus proposal is a giant step toward the goal of college access for millions of young people with limited means to pursue their dreams. Refundable tax credits target the aid at those students in the most need, the ones who wouldn’t otherwise be going to college and rarely benefit from existing higher-ed credits.

What does education have to do with economic stimulus? Simply this: We all agree this stimulus package will be paid for, in most part, by the next generation. Increasing educational opportunities for our most underserved young people qualifies them for the best of the new economy’s jobs. Ensuring our national solvency depends, not just on today’s workforce, but on the future earnings of the next generation.

President-elect Barack Obama, who proposed these refundable tax credits during his campaign, has made it clear that “education infrastructure” means a long-term investment in our young people. He also proposed tying this credit to public and community service, which is written into my bill, H.R. 106. This is a win-win proposition that is already drawing support from my colleagues.