1. Short title This Act may be cited as the America’s College Promise Act of 2023 . I Grants for tuition-free community colleges 101. Program authorized Title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq. ) is amended by adding at the end the following: J America’s college promise Federal-State partnership 1 Grants for tuition-free community college 499A. In general From amounts appropriated under section 499G for any fiscal year, the Secretary shall award grants to eligible States and eligible Tribal Colleges and Universities to pay the Federal share of expenditures needed to carry out the activities and services described in section 499E. 499B. Federal share; non-Federal share (a) Federal share (1) In general (A) Amount Subject to paragraph (2), the amount of the Federal share of a grant under this subpart shall be based on a formula, determined by the Secretary, that provides, for each eligible student enrolled in a community college operated or controlled by the State or in an eligible Tribal College or University, a per-student amount that is equal to the applicable percent described in subparagraph (B) of— (i) for the 2024–2025 award year, the average unweighted resident community college tuition and fees per student in all States for the most recent year for which data are available; and (ii) for each subsequent award year, the amount determined under this paragraph for the preceding award year, increased by the lesser of— (I) a percentage equal to the estimated percentage increase in the Consumer Price Index (as determined by the Secretary) since the date of such determination; or (II) 3 percent. (B) Applicable percent The applicable percent for a State receiving a grant under this subpart shall be— (i) for the 2024–2025 award year, 100 percent; (ii) for the 2025–2026 award year, 95 percent; (iii) for the 2026–2027 award year, 90 percent; (iv) for the 2027–2028 award year, 85 percent