US HB7594

Amends Internal Revenue Code Section 117 to exclude post-graduation scholarship grants from gross income, treating them the same as qualified scholarships for tax purposes

Defines qualifying grants as those from 501(c)(3) private foundations or community trusts that repay education loans for individuals who commit to living and working in communities with below-average bachelor's degree attainment rates

Requires grant payments be made directly to loan holders, and excludes employees of the granting organization or related entities from eligibility

Exempts these grants from being classified as taxable expenditures by private foundations under Section 4945(g), enabling foundations to make such grants without penalty

Mandates Treasury Department report to Congress within 3 years on implementation effectiveness, and GAO study within 5 years on grant duration, amounts paid, and loan holders benefiting from the program