Capital Digest

The Senate last week appeared poised to approve a tax bill that includes several provisions aiding schools and children.

The Senate version of HR 4210 would give families a $300 tax credit for each child under the age of 16; create an income-contingent, direct-loan program; make the interest on student loans tax deductible, and allow deductions for the full appreciated value of property donated to charitable organizations, a provision that is important to colleges and private schools.

The bill was expected to be approved by a margin short of the two-thirds needed to override...