Student Loan Opportunity Act of 2015

Bill: 114-hr-3822
Sponsor: full_name: Rep. Flores, Bill [R-TX-17]
Introduced: 2015-10-23
Policy area: Taxation
Subjects: Income tax exclusion

Securities

Student aid and college costs

Tax-exempt organizations
Latest action: action_date: 2015-10-23
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-10-23
action_desc: Introduced in House
text: <p><strong>Student Loan Opportunity Act of 2015</strong></p> <p>This bill amends the Internal Revenue Code, with respect to tax-exempt private activity bond financing, to: (1) eliminate the restriction on nonprofit corporations that acquire student loan notes to notes incurred under the Higher Education Act of 1965 (thus allowing such corporations to access tax-exempt financing for other types of student loans), and (2) expand the operations of such corporations to include performing student assistance related activities.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 3822 IN THE HOUSE OF REPRESENTATIVES October 23, 2015 Mr. Flores 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 allow qualified scholarship funding corporations to access tax-exempt financing for alternative private student loans.

1. Short title This Act may be cited as the Student Loan Opportunity Act of 2015 . 2. Qualified scholarship funding corporation tax-exempt financing for alternative private student loans (a) In general Section 150(d)(2)(A) of the Internal Revenue Code of 1986 is amended— (1) by striking established and , (2) by striking incurred under the Higher Education Act of 1965 , and (3) by inserting and performing student assistance related activities after student loan notes . (b) Student assistance related activities Section 150(d) of such Code is amended by adding at the end the following new paragraph: (4) Student assistance related activities For purposes of this subsection, the term student assistance related activities includes maintaining loan documentation, handling communications with schools and borrowers, monitoring the student borrower’s location and continued enrollment, default prevention, offering borrower education and college access programs, borrower outreach and financial literacy training, disseminating information about student loan programs and higher education finance matters, and similar charitable and educational activities. . (c) Requalification as qualified scholarship funding corporation Section 150(d) of such Code, as amended by subsection (b), is amended by adding at the end the following new paragraph: (5) Requalification as qualified scholarship funding corporation A corporation that meets the requirements of subparagraphs (A) and (B) of section 150(d)(2) shall not fail to be treated as a qualified scholarship funding corporation solely because such corporation ceased to be a corporation described in section 150(d)(2) after the date of the enactment of the Health Care and Education Reconciliation Act of 2010. . (d) Effective date The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act.