H.R. 4726 - Student Loan Interest Deduction Act of 2021

117TH CONGRESS
1ST SESSION

H.R. 4726

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

IN THE HOUSE OF REPRESENTATIVES

JULY 27, 2021

Mr. SWALWELL introduced the following bill;
which was referred to the Committee on _____

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 2021".

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.