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

Summary:
Student Loan Interest Tax Deduction Expansion Act
This bill modifies 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 (twice the amount in the case of a joint return).

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1070 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 1070

 To amend the Internal Revenue Code of 1986 to increase the dollar and 
     income limitations on the deduction for student loan interest.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 7, 2019

 Mr. Cicilline (for himself and Mr. Brendan F. Boyle of Pennsylvania) 
 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 dollar and 
     income limitations on the deduction 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 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 in excess of $100,000 (twice such 
                amount 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 2020, the $100,000 amount in subsection (b)(2)(A) 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 2019' for `calendar year 2016' in 
                subparagraph (A)(ii) thereof.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after December 31, 2019.
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