Student Loan Interest Deduction Act of 2017

Bill: 115-hr-3048
Sponsor: full_name: Rep. Swalwell, Eric [D-CA-15]
Introduced: 2017-06-23
Policy area: Taxation
Subjects: Higher education

Income tax deductions

Interest, dividends, interest rates

Student aid and college costs
Latest action: action_date: 2017-07-05
text: Referred to the Subcommittee on Trade.

Summaries:
action_date: 2017-06-23
action_desc: Introduced in House
text: <p><strong>Student Loan Interest Deduction Act of 201</strong><b>7</b></p> <p>This bill amends the Internal Revenue Code to: (1) increase the maximum tax deduction for interest paid on any qualified education loan to $5,000 ($10,000 for married couples filing a joint tax return), and (2) repeal the limitation on such deduction based upon modified adjusted gross income. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3048 IN THE HOUSE OF REPRESENTATIVES June 23, 2017 Mr. Swalwell of California (for himself, Mr. Kind , Ms. Moore , Mr. Larson of Connecticut , Mr. Brendan F. Boyle of Pennsylvania , Mr. Engel , Mr. Conyers , Ms. Slaughter , Ms. Bordallo , Miss Rice of New York , Ms. Judy Chu of California , Mr. Lowenthal , Mr. Nolan , Mr. Meeks , Mr. Gallego , Ms. Meng , Ms. Roybal-Allard , Mr. Johnson of Georgia , Ms. Lee , Mr. Thompson of California , Ms. Castor of Florida , Ms. Kaptur , Mr. Peters , and Mr. Vargas ) 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 deduction allowed for student loan interest.

1. Short title This Act may be cited as the Student Loan Interest Deduction Act of 2017 . 2. Increase in deduction for student loan interest (a) Increase in dollar limitation and repeal of limitation based on income Section 221(b) of the Internal Revenue Code of 1986 is amended to read as follows: (b) Maximum deduction The deduction allowed by subsection (a) for the taxable year shall not exceed $5,000 ($10,000 in the case of a joint return). . (b) Conforming amendments Section 221 of such Code is amended by striking subsections (e) and (f) (relating to special rules and inflation adjustments, respectively) and inserting the following new subsection: (e) Denial of double benefit No deduction shall be allowed under this section for any amount for which a deduction is allowable under any other provision of this chapter. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.