The purpose of this legislation is to amend the tax code to exclude AmeriCorps educational awards from gross income. This means that individuals who receive these awards will not have to pay taxes on the money they receive for their service. The key provisions of this legislation include two main changes to the Internal Revenue Code. First, it adds AmeriCorps educational awards to the list of educational assistance that is not counted as taxable income. This allows recipients to keep the full amount of their awards without tax deductions.