115 STAT. 66 PUBLIC LAW 107-16-JUNE 7, 2001 (when added to the aggregate face amount of bonds previously so issued during the calendar year) exceeds an amount equal to the greater of— "(i) $10 multiplied by the State population, or " (ii) $5,000,000. "(B) ALLOCATION RULES.— "(i) IN GENERAL.— Except as otherwise provided in this subparagraph, the State may allocate the amount described in subparagraph (A) for any calendar year in such manner as the State determines appropriate. " (ii) RULES FOR CARRYFORWARD OF UNUSED LIMITA- TION.—^A State may elect to carry forward an unused limitation for any calendar year for 3 calendar years following the calendar year in which the unused limitation arose under rules similar to the rules of section 146(f), except that the only purpose for which the carryforward may be elected is the issuance of exempt facility bonds described in subsection (a)(13).". (c) EXEMPTION FROM GENERAL STATE VOLUME CAPS.— Para- 26 USC 146. graph (3) of section 146(g) (relating to exception for certain bonds) is amended— (1) by striking "or (12)" and inserting "(12), or (13)", and (2) by striking "and environmental enhancements of hydroelectric generating facilities" and inserting "environmental enhancements of hydroelectric generating facilities, and qualified public educational facilities". (d) EXEMPTION FROM LIMITATION ON USE FOR LAND ACQUISI- TION. —Section 147(h) (relating to certain rules not to apply to mortgage revenue bonds, qualified student loan bonds, and qualified 501(c)(3) bonds) is amended by adding at the end the following new paragraph: "(3) EXEMPT FACILITY BONDS FOR QUALIFIED PUBLIC-PRIVATE SCHOOLS. — Subsection (c) shall not apply to any exempt facility bond issued as part of an issue described in section 142(a)(13) (relating to qualified public educational facilities).". (e) CONFORMING AMENDMENT. —The heading for section 147(h) is amended by striking "MORTGAGE REVENUE BONDS, QUALIFIED STUDENT LOAN BONDS, AND QUALIFIED 501(C)(3) BONDS" and inserting "CERTAIN BONDS". Applicability. (f) EFFECTIVE DATE. —The amendments made by this section 26 USC 142 note, shall apply to bonds issued after December 31, 2001. Subtitle D—Other Provisions SEC. 431. DEDUCTION FOR HIGHER EDUCATION EXPENSES. (a) DEDUCTION ALLOWED. — Part VII of subchapter B of chapter 1 (relating to additional itemized deductions for individuals) is amended by redesignating section 222 as section 223 and by inserting after section 221 the following: "SEC. 222. QUALIFIED TUITION AND RELATED EXPENSES. "(a) ALLOWANCE OF DEDUCTION. —In the case of an individual, there shall be allowed as a deduction an amount equal to the qualified tuition and related expenses paid by the taxpayer during the taxable year.
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