Student Loan Interest Deduction Fairness Act

Bill: 113-hr-5508
Sponsor: full_name: Rep. Pocan, Mark [D-WI-2]
Introduced: 2014-09-17
Policy area: Taxation
Subjects: Higher education

Income tax deductions

Interest, dividends, interest rates

Marriage and family status

Student aid and college costs

Tax treatment of families
Latest action: action_date: 2014-09-17
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-09-17
action_desc: Introduced in House
text: <p>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&nbsp;for married couples filing joint tax returns&nbsp;(thus eliminating the tax effect known as the marriage penalty). </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 5508 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.

1. Short title This Act may be cited as the Student Loan Interest Deduction Fairness Act . 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.