Legislative History
| House Bill/Resolution NO. House Bill No. 5470, 12th Congress of the Republic |
| FULL TITLE : AN ACT AMENDING REPUBLIC ACT NUMBERED EIGHTY-FOUR HUNDRED AND TWENTY-FOUR, AS AMENDED, OTHERWISE KNOWN AS THE `TAX REFORM ACT OF 1997', AND FOR OTHER PURPOSES(RE: MATRICULATION FEE AS DEDUCTION FROM TAXPAYERS' GROSS INCOME) |
| ABSTRACT : This bill provides for additional exemption for individual taxpayers and qualified dependents by allowing a deduction in the taxpayer's gross income consisting of: (1) 20% of the total amount paid by the taxpayer for matriculation fee for the preceding year, which deduction shall in no case exceed the amount of P25.000.00 provided that: (a) the taxpayer is officially enrolled during the preceding school year in any educational institution duly recognized by CHED and TESTA; (b) the taxpayer is official enrolled in a vocational or tertiary course; and (c) the annual income of the taxpayer shall not exceed three hundred thousand pesos (P300,000.00). > (2) 25% of the total amount paid by the taxpayer as matriculation fee for the education of hhis children, not exceeding four (4) for the preceding school year, which deduction shall in no case exceed the total amount of P50,000.00 provided that: (a) the individual taxpayer must have officially enrolled his qualified dependent children in an |
| PRINCIPAL AUTHOR/S : DUAVIT, MICHAEL JOHN "JACK" R. |
| DATE FILED : 2002-11-19 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Calalay (035 ) |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2002-11-25 |
Abstract
"This bill provides for additional exemption for individual taxpayers and qualified dependents by allowing a deduction in the taxpayer's gross income consisting of: (1) 20% of the total amount paid by the taxpayer for matriculation fee for the preceding year, which deduction shall in no case exceed the amount of P25.000.00 provided that: (a) the taxpayer is officially enrolled during the preceding school year in any educational institution duly recognized by CHED and TESTA; (b) the taxpayer is official enrolled in a vocational or tertiary course; and (c) the annual income of the taxpayer shall not exceed three hundred thousand pesos (P300,000.00). > (2) 25% of the total amount paid by the taxpayer as matriculation fee for the education of hhis children, not exceeding four (4) for the preceding school year, which deduction shall in no case exceed the total amount of P50,000.00 provided that: (a) the individual taxpayer must have officially enrolled his qualified dependent children in an"
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.