Israel seeks tax credit for college prep

Rep. Steve Israel (D-N.Y.) has introduced a bill to create a tax credit for people who have spent money on college preparation, such as applications and admission tests.

Israel said his legislation would help families offset the costs of children applying to college.

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"Between the admissions test, preparation courses, Advanced Placement exams, and college application fees, these expenses add up," Israel said.

Under Israel's measure, families could qualify for a tax credit of up to $500 per child for three years.

According to a February report from the College Board, 33.2 percent of public high school graduates last year took an AP exam. While a majority of schools cover all or most of the cost, AP test fees are about $89 per test. Meanwhile, it costs $51 to take the SAT and up to $52.50 to take the ACT.

And according to U.S. News and World Report, the average college application fee was $38.39 in spring 2013. Some schools' are much higher, such as Stanford University's $90 fee.

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