The main purpose of this legislation, known as the Tax-Free Pell Grant Act, is to modify the tax treatment of Pell Grants, which are federal financial aid awards for low-income college students. The objective is to ensure that these grants are not counted as taxable income, making it easier for students to afford their education without the burden of additional taxes. Key provisions of the Act include a change to the Internal Revenue Code that explicitly states Pell Grants will not be included in an individual's gross income, provided they are used for qualified educational expenses.