Student Loan Interest Deduction Fairness Act - Amends the Internal Revenue Code to increase the dollar limitation for the tax deduction for education loan interest to $5,000 in a taxable year for married couples filing joint tax returns (thus eliminating the tax effect known as the marriage penalty).
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5508 Introduced in House (IH)]
113th CONGRESS
2d Session
H. R. 5508
To amend the Internal Revenue Code of 1986 to eliminate the marriage
penalty in the dollar limitation on the student loan interest
deduction.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 17, 2014
Mr. Pocan (for himself, Mrs. Davis of California, and Mr. Moran)
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 eliminate the marriage
penalty in the dollar limitation on the student loan interest
deduction.
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
Fairness Act''.
SEC. 2. ELIMINATION OF MARRIAGE PENALTY IN DOLLAR LIMITATION ON THE
STUDENT LOAN INTEREST DEDUCTION.
(a) In General.--Section 221(b)(1) of the Internal Revenue Code of
1986 is amended by striking ``shall not exceed'' and all that follows
and inserting ``shall not exceed $2,500 (twice such amount in the case
of a joint return)''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
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Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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