Fairness and Opportunities for Married Households With Student Loans Act

Bill: 114-hr-3623
Sponsor: full_name: Rep. Marchant, Kenny [R-TX-24]
Introduced: 2015-09-28
Policy area: Taxation
Subjects: Income tax deductions

Interest, dividends, interest rates

Student aid and college costs
Latest action: action_date: 2015-10-27
text: Sponsor introductory remarks on measure. (CR H7197)

Summaries:
action_date: 2015-09-28
action_desc: Introduced in House
text: <p><strong>Fairness and Opportunities for Married Households With Student Loans Act</strong></p> <p>This bill amends the Internal Revenue Code to increase to $5,000 the tax deduction for interest on education loans for married couples filing a joint tax return.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 3623 IN THE HOUSE OF REPRESENTATIVES September 28, 2015 Mr. Marchant (for himself, Mr. Smith of Missouri , and Mr. Danny K. Davis of Illinois ) 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 amount allowed as a deduction for interest on education loans paid by married couples.

1. Short title This Act may be cited as the Fairness and Opportunities for Married Households With Student Loans Act . 2. Increase in deduction for interest on education loans paid by married couples (a) In general Section 221(b)(1) of the Internal Revenue Code of 1986 is amended by inserting ($5,000 in the case of a joint return) after $2,500 . (b) Effective date The amendment made by subsection (a) shall apply to amounts paid in taxable years beginning after the date of the enactment of this Act.