Employer Participation in Student Loan Assistance Act

Bill: 115-hr-795
Sponsor: full_name: Rep. Davis, Rodney [R-IL-13]
Introduced: 2017-02-01
Policy area: Taxation
Subjects: Employee benefits and pensions

Higher education

Income tax exclusion

Interest, dividends, interest rates

Student aid and college costs
Latest action: action_date: 2017-02-01
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2017-02-01
action_desc: Introduced in House
text: <p><strong>Employer Participation in Student Loan Assistance Act</strong></p> <p>This bill amends the Internal Revenue Code to extend the tax exclusion for employer-provided educational assistance to include payments of qualified education loans by an employer to either an employee or a lender.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 795 IN THE HOUSE OF REPRESENTATIVES February 1, 2017 Mr. Rodney Davis of Illinois (for himself, Mr. Peters , Ms. Stefanik , Mr. Polis , Mr. MacArthur , Ms. Pingree , Mr. Crawford , Mr. Blumenauer , Mr. Ellison , Mr. Vargas , Mr. Beyer , Mr. Swalwell of California , Mr. Rouzer , Mr. Blum , Mr. Nolan , Mr. Young of Iowa , Mr. Bucshon , Mrs. Lawrence , Mr. Ted Lieu of California , Ms. Kuster of New Hampshire , Mr. Himes , Mr. Costello of Pennsylvania , and Ms. Brownley of California ) 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 extend the exclusion for employer-provided educational assistance to employer payments of qualified education loans.

1. Short title This Act may be cited as the Employer Participation in Student Loan Assistance Act . 2. Exclusion for employer payment of qualified education loans (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, whether paid to the employee or to a lender, of principal or interest on any qualified education loan (as defined in section 221(d)(1)) incurred by the employee, 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 any amount which is excludable from gross income under section 127(c)(1)(B) . (c) Effective date The amendments made by this section shall apply to payments made by employers after December 31, 2017.