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H.R. 3048 - Student Loan Interest Deduction Act of 2017

JUN. 23, 2017

H.R. 3048; Student Loan Interest Deduction Act of 2017

DATED JUN. 23, 2017
DOCUMENT ATTRIBUTES
  • Authors
    Swalwell, Rep. Eric
  • Institutional Authors
    House of Representatives
  • Code Sections
  • Subject Area/Tax Topics
  • Industry Groups
    Education
  • Jurisdictions
  • Tax Analysts Document Number
    2017-61023
  • Tax Analysts Electronic Citation
    2017 TNT 129-19
    2017 EOT 28-7
    2017 EOR 8-63
  • Magazine Citation
    The Exempt Organization Tax Review, Aug. 2017, p. 153
    80 Exempt Org. Tax Rev. 153 (2017)
Citations: H.R. 3048; Student Loan Interest Deduction Act of 2017

115TH CONGRESS
1ST SESSION

H.R. 3048

To amend the Internal Revenue Code of 1986 to increase
the deduction allowed for student loan interest.

IN THE HOUSE OF REPRESENTATIVES

JUNE 23, 2017

Mr. SWALWELL of California (for himself, Mr. KIND, Ms. MOORE, Mr. LARSON
of Connecticut, Mr. BRENDAN F. BOYLE of Pennsylvania, Mr. ENGEL,
Mr. CONYERS, Ms. SLAUGHTER, Ms. BORDALLO, Miss RICE of New York,
Ms. JUDY CHU of California, Mr. LOWENTHAL, Mr. NOLAN, Mr. MEEKS,
Mr. GALLEGO, Ms. MENG, Ms. ROYBAL-ALLARD, Mr. JOHNSON of
Georgia, Ms. LEE, Mr. THOMPSON of California, Ms. CASTOR of Florida,
Ms. KAPTUR, Mr. PETERS, and Mr. VARGAS) introduced the following bill;
which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to increase the deduction allowed for student loan interest.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “Student Loan Interest Deduction Act of 2017”.

SEC. 2. INCREASE IN DEDUCTION FOR STUDENT LOAN INTEREST.

(a) INCREASE IN DOLLAR LIMITATION AND REPEAL OF LIMITATION BASED ON INCOME. — Section 221(b) of the Internal Revenue Code of 1986 is amended to read as follows:

“(b) MAXIMUM DEDUCTION. — The deduction allowed by subsection (a) for the taxable year shall not exceed $5,000 ($10,000 in the case of a joint return).”.

(b) CONFORMING AMENDMENTS. — Section 221 of such Code is amended by striking subsections (e) and (f) (relating to special rules and inflation adjustments, respectively) and inserting the following new subsection:

“(e) DENIAL OF DOUBLE BENEFIT. — No deduction shall be allowed under this section for any amount for which a deduction is allowable under any other provision of this chapter.”.

(c) EFFECTIVE DATE. — The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

DOCUMENT ATTRIBUTES
  • Authors
    Swalwell, Rep. Eric
  • Institutional Authors
    House of Representatives
  • Code Sections
  • Subject Area/Tax Topics
  • Industry Groups
    Education
  • Jurisdictions
  • Tax Analysts Document Number
    2017-61023
  • Tax Analysts Electronic Citation
    2017 TNT 129-19
    2017 EOT 28-7
    2017 EOR 8-63
  • Magazine Citation
    The Exempt Organization Tax Review, Aug. 2017, p. 153
    80 Exempt Org. Tax Rev. 153 (2017)
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