Scholarship Program Assistance Act

[AI summary unavailable — showing source text] Scholarship Program Assistance Act - Amends the Internal Revenue Code, with respect to exempting certain kinds of scholarship or fellowship grants from classification as taxable expenditures of a private foundation, to apply such exemption to a grant under an employer-related scholarship program where the number of such grants awarded during any year does not exceed 50 percent of the number of eligible individuals submitting applications for such grants. Defines an "employer-related scholarship program" as one which: (1) provides grants for study at educational institutions eligible to receive tax deductible charitable contributions; and (2) limits the eligibility for all or a portion of such grants to employees of a particular employer (or group of employers), or to members of such employees' families.…