Section 1 Short title
This Act may be cited as the “Youth Exchange Support Act of 2015” .
Youth Exchange Support Act of 2015
A BILL
To amend the Internal Revenue Code of 1986 to increase the deduction for host families of foreign exchange and other students from $50 per month to $400 per month.
Sec. 2 Increase in charitable deduction for amounts paid to maintain certain students as members of taxpayer’s household
In general— Section 170(g)(2)(A) of the Internal Revenue Code of 1986 (relating to amounts paid to maintain certain students as members of taxpayer’s household) is amended by striking “$50” and inserting “$400”.
Adjustment for inflation— Section 170(g) of such Code is amended by adding at the end the following new paragraph:
“(5) Adjustment for inflation
“(A) In general—In the case of any taxable year beginning in a calendar year after 2016, the $400 amount contained in paragraph (2)(A) shall be increased by an amount equal to—
“(i) $400, multiplied by
“(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins by substituting “calendar year 2015” for “calendar year 1992” in subparagraph (B) thereof.
“(B) Rounding—If any increase determined under subparagraph (A) is not a multiple of $10, such increase shall be rounded to the next highest multiple of $10.”
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2015.