Title: Students Over Special Interests Act
Policy area: Taxation

Summary:
Students Over Special Interests Act
This bill terminates the Tax Cuts and Jobs Act and forgives the outstanding balance of interest and principal due on federal student loans.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5928 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 5928

 To repeal the Tax Cuts and Jobs Act, forgive all outstanding Federal 
                 student loans, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 23, 2018

Mr. Polis (for himself, Mrs. Carolyn B. Maloney of New York, Mr. Scott 
 of Virginia, Ms. Jayapal, Mr. DeSaulnier, Ms. Clarke of New York, Mr. 
    Ellison, Mr. Espaillat, Ms. DeLauro, Ms. Moore, Ms. Adams, Mrs. 
 Napolitano, and Mr. Perlmutter) introduced the following bill; which 
was referred to the Committee on Ways and Means, and in addition to the 
   Committees on Education and the Workforce, Natural Resources, and 
Energy and Commerce, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
 To repeal the Tax Cuts and Jobs Act, forgive all outstanding Federal 
                 student loans, and for other purposes.

    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 ``Students Over Special Interests 
Act''.

SEC. 2. SUNSET OF PUBLIC LAW 115-97.

    (a) In General.--All provisions of, and amendments made by, Public 
Law 115-97 shall not apply to calendar, taxable, plan, or limitation 
years beginning after December 22, 2017.
    (b) Application of Certain Laws.--The Internal Revenue Code of 1986 
shall be applied and administered to years described in subsection (a) 
as if the provisions and amendments described in subsection (a) had 
never been enacted.

SEC. 3. FORGIVENESS OF OUTSTANDING FEDERAL STUDENT LOANS.

    (a) Forgiveness Required.--Notwithstanding any other provision of 
law, not later than 180 days after the date of the enactment of this 
Act, the Secretary of Education shall forgive the outstanding balance 
of interest and principal due on all eligible Federal student loans.
    (b) Method of Loan Forgiveness.--To provide the loan forgiveness 
required under subsection (a), the Secretary is authorized to carry out 
a program--
            (1) through the holder of the loan, to assume the 
        obligation to repay the outstanding balance of interest and 
        principal due on a loan made, insured, or guaranteed under part 
        B of title IV of the Higher Education Act of 1965; and
            (2) to cancel the outstanding balance of interest and 
        principal due on a loan made under part D of such title.
    (c) Exclusion From Taxable Income.--The amount of a borrower's 
eligible Federal student loans forgiven under this section shall not be 
included in the gross income of the borrower for purposes of the 
Internal Revenue Code of 1986.
    (d) Definition of Eligible Federal Student Loan.--In this section 
the term ``eligible Federal student loan'' means any loan made, 
insured, or guaranteed under part B or part D of title IV of the Higher 
Education Act of 1965.

SEC. 4. INCREASE IN FEDERAL PELL GRANTS; DEFICIT REDUCTION.

    (a) In General.--Of the amount of net cost savings achieved by 
sections 2 and 3--
            (1) one half shall be used by the Secretary of Education to 
        increase the maximum Federal Pell Grant under section 401 of 
        the Higher Education Act of 1965 (20 U.S.C. 1070a) by an equal 
        amount for each of the 10 award years beginning after the date 
        of the enactment of this Act; and
            (2) one half shall be used for the purpose of deficit 
        reduction.
    (b) Treatment as Mandatory Spending.--The amounts provided under 
subsection (a)(1) shall be available without further appropriation.
    (c) Continuation of Maximum Amount.--Notwithstanding any other 
provision of law, the amount of the maximum Federal Pell Grant under 
section 401 of the Higher Education Act of 1965 (20 U.S.C. 1070a) for 
each award year beginning after the expiration of the period described 
in subsection (a)(1) shall be not less than the maximum amount 
determined for the last award year in such period.
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