This bill amends the Internal Revenue Code of 1986 to provide a significant tax benefit for recipients of AmeriCorps educational awards. It specifically seeks to exclude these national service educational awards from an individual's gross income , ensuring they are not subject to federal income tax. The legislation clarifies that amounts received under these awards, including those used for the discharge of student loan debt , will not be considered gross income. These changes aim to provide financial relief to AmeriCorps members by making their educational benefits entirely tax-free. The amendments will apply to taxable years ending after the bill's date of enactment.