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This bill would allow certain post-graduation scholarship grants to be excluded from a person's taxable income, similar to how traditional scholarships are treated. The grants covered by the bill are those established by tax-exempt nonprofit organizations or community trusts that help repay education loans for individuals who agree to live and work in communities with below-average college degree attainment rates. The bill affects borrowers with student loans, nonprofit organizations that sponsor these grant programs, and potentially underserved communities that struggle to attract college-educated workers. The Treasury Department would be required to report on the program's implementation within three years, and the Government Accountability Office would conduct a broader study within five years to assess how much money is being distributed and where it goes. The tax changes would take effect for any taxable year beginning after the bill is enacted into law.

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