EXTENSION OF EXCLUSION FOR EMPLOYER-PROVIDED EDUCATIONAL ASSISTANCE.

SEC. 411. EXTENSION OF EXCLUSION FOR EMPLOYER-PROVIDED EDUCATIONAL ASSISTANCE. (a) In general.—Section 127 (relating to exclusion for educational assistance programs) is amended by striking subsection (d) and by redesignating subsection (e) as subsection (d). (b) Repeal of Limitation on Graduate Education.—The last sentence of section 127(c)(1) is amended by striking “, and such term also does not include any payment for, or the provision of any benefits with respect to, any graduate level course of a kind normally taken by an individual pursuing a program leading to a law, business, medical, or other advanced academic or professional degree”. (c) Conforming Amendment.—Section 51A(b)(5)(B)(iii) is amended by striking “or would be so excludable but for section 127(d)”. (d) Effective Date.—The amendments made by this section shall apply with respect to expenses relating to courses beginning after December 31, 2001.