HELPS Act

Bill: 114-hr-5415
Sponsor: full_name: Rep. Stefanik, Elise M. [R-NY-21]
Introduced: 2016-06-09
Policy area: Taxation
Subjects: Employee benefits and pensions

Income tax exclusion

Interest, dividends, interest rates

Student aid and college costs
Latest action: action_date: 2016-06-09
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2016-06-09
action_desc: Introduced in House
text: <p><b>Helping Employers Lessen Payments for Students Act of 2016 or the HELPS Act </b></p> <p>This bill amends the Internal Revenue Code to exclude from gross income of an employee up to $10,000 per year in education loan payments made by an employer on behalf of the employee. </p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5415 IN THE HOUSE OF REPRESENTATIVES June 9, 2016 Ms. Stefanik (for herself and Mr. Messer ) 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 exclude from gross income student loan payments made by an employer on behalf of an employee.

1. Short title This Act may be cited as the Helping Employers Lessen Payments for Students Act of 2016 or the HELPS Act . 2. Exclusion for employer student loan payments (a) In general Section 127(c)(1) of the Internal Revenue Code of 1986 is amended by striking and at the end of subparagraph (A), by redesignating subparagraph (B) as subparagraph (C), and by inserting after subparagraph (A) the following new subparagraph: (B) the payment by an employer, on behalf of an employee, of any indebtedness of the employee under a qualified education loan (as defined in section 221(d)(1)) or any interest relating to such a loan (but only to the extent such payments for any taxable year do not exceed $10,000), and . (b) Denial of double benefit Section 221(e)(1) of such Code is amended by inserting before the period at the end the following: , or for which an exclusion is allowable under section 127 . (c) Effective date The amendments made by this section shall apply to payments after December 31, 2015.