Collegiate Learning and Student Savings (CLASS) Act

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to eliminate the 60-month limit on student loan interest deductions and increase the income limitation on student loan deductions. Permits private educational institutions to maintain qualified tuition programs which are comparable to qualified State tuition programs. Excludes qualified distributions from such accounts from gross income. Excludes from gross income certain amounts received under the National Health Corps Scholarship Program, the Armed Forces Health Professions Scholarship and Financial Assistance Program, the National Institutes of Health Undergraduate Scholarship Program, or any similar State program. Extends the termination date for the exclusion of employer provided educational assistance provisions. Modifies arbitrage rebate rules applicable to public school construction bonds. Amends the Internal Revenue Code to eliminate the two percent floor on miscellaneous itemized deductions for the qualified professional development expenses of elementary and secondary school teachers.…