Title: Student Loan Interest Tax Deduction Expansion Act
Policy area: Taxation

Summary:
Student Loan Interest Tax Deduction Expansion Act
This bill amends the Internal Revenue Code, with respect to the tax deduction for interest on qualified education loans, to increase: (1) the dollar limitation on the deduction to $7,500 ($15,000 in the case of a joint return); and (2) the limitation on modified adjusted gross income to $100,000 ($200,000 in the case of a joint return).

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3573 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 3573

 To amend the Internal Revenue Code of 1986 to increase the deduction 
 allowed for student loan interest and the limitation based on income, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 28, 2017

 Mr. Cicilline (for himself, Mr. Brendan F. Boyle of Pennsylvania, Mr. 
Evans, Mr. Kilmer, Mr. Nolan, and Ms. Wilson of Florida) 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 and the limitation based on income, 
                        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 ``Student Loan Interest Tax Deduction 
Expansion Act''.

SEC. 2. INCREASE IN DOLLAR LIMITATION AND INCOME LIMITATION ON STUDENT 
              LOAN INTEREST DEDUCTION.

    (a) Increase in Dollar Limitation on Student Loan Interest 
Deduction.--Paragraph (1) of section 221(b) of the Internal Revenue 
Code of 1986 is amended by striking ``$2,500'' and inserting ``$7,500 
($15,000 in the case of a joint return)''.
    (b) Increase in Income Limitation on Student Loan Interest 
Deduction.--Paragraph (2) of section 221(b) of such Code is amended to 
read as follows:
            ``(2) Limitation based on modified adjusted gross income.--
                    ``(A) In general.--No deduction shall be allowed 
                under subsection (a) to a taxpayer with a modified 
                adjusted gross income over $100,000 ($200,000 in the 
                case of a joint return).
                    ``(B) Modified adjusted gross income.--The term 
                `modified adjusted gross income' means adjusted gross 
                income determined--
                            ``(i) without regard to this section and 
                        sections 199, 222, 911, 931, and 933, and
                            ``(ii) after application of sections 86, 
                        135, 137, 219, and 469.''.
    (c) Conforming Amendment.--Paragraph (1) of section 221(f) of such 
Code is amended to read as follows:
            ``(1) In general.--In the case of a taxable year beginning 
        after 2018, the $100,000 and $200,000 amounts in subsection 
        (b)(2) shall each be increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins, determined by substituting 
                `calendar year 2017' for `calendar year 1992' in 
                subparagraph (B) thereof.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after December 31, 2017.
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