Students Over Special Interests Act

Bill: 115-hr-5928
Sponsor: full_name: Rep. Polis, Jared [D-CO-2]
Introduced: 2018-05-23
Policy area: Taxation
Subjects: Accounting and auditing

Administrative law and regulatory procedures

Adoption and foster care

Agricultural equipment and machinery

Alaska

Alaska Natives and Hawaiians

Alcoholic beverages

Alternative and renewable resources

American Samoa

Arctic and polar regions

Art, artists, authorship

Assault and harassment offenses

Aviation and airports

Bank accounts, deposits, capital

Business expenses

Business investment and capital

Capital gains tax

Caribbean area

Charitable contributions

Child care and development

Civil actions and liability

Commodities markets

Corporate finance and management

Department of the Treasury

Disability and paralysis

Economic development

Education

Education programs funding

Elections, voting, political campaign regulation

Electric power generation and transmission

Employee benefits and pensions

Employee hiring

Employee leave

Employee performance

Employment taxes

Energy efficiency and conservation

Energy revenues and royalties

Financial services and investments

Foreign and international corporations

Gambling

Government lending and loan guarantees

Health care costs and insurance

Higher education

Historic sites and heritage areas

Housing finance and home ownership

Income tax credits

Income tax deductions

Income tax deferral

Income tax exclusion

Income tax rates

Inflation and prices

Insurance industry and regulation

Intellectual property

Interest, dividends, interest rates

Life, casualty, property insurance

Low- and moderate-income housing

Marine and coastal resources, fisheries

Members of Congress

Military personnel and dependents

Motor vehicles

Museums, exhibitions, cultural centers

Nuclear power

Oil and gas

Poverty and welfare assistance

Prescription drugs

Public participation and lobbying

Puerto Rico

Religion

Research and development

Residential rehabilitation and home repair

Rural conditions and development

Sales and excise taxes

School athletics

Securities

Separation, divorce, custody, support

Sex offenses

Small business

Social work, volunteer service, charitable organizations

Sports and recreation facilities

Strategic materials and reserves

Student aid and college costs

Tax administration and collection, taxpayers

Tax reform and tax simplification

Tax treatment of families

Tax-exempt organizations

Taxation of foreign income

Transfer and inheritance taxes

U.S. and foreign investments

U.S. territories and protectorates

Unemployment

Veterans' education, employment, rehabilitation

Veterans' loans, housing, homeless programs

Virgin Islands

Wages and earnings

Wilderness and natural areas, wildlife refuges, wild rivers, habitats

Youth employment and child labor
Latest action: action_date: 2018-10-19
text: Referred to the Subcommittee on Higher Education and Workforce Development.

Summaries:
action_date: 2018-05-23
action_desc: Introduced in House
text: <p><strong>Students Over Special Interests Act</strong></p> <p>This bill&nbsp;terminates the Tax Cuts and Jobs Act and&nbsp;forgives the outstanding balance of interest and principal due on federal student loans.</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 5928 IN THE HOUSE OF REPRESENTATIVES May 23, 2018 Mr. Polis (for himself, Mrs. Carolyn B. Maloney of New York , Mr. Scott of Virginia , Ms. Jayapal , Mr. DeSaulnier , Ms. Clarke of New York , Mr. Ellison , Mr. Espaillat , Ms. DeLauro , Ms. Moore , Ms. Adams , Mrs. Napolitano , and Mr. Perlmutter ) introduced the following bill; which was referred to the Committee on Ways and Means , and in addition to the Committees on Education and the Workforce , Natural Resources , and Energy and Commerce , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To repeal the Tax Cuts and Jobs Act, forgive all outstanding Federal student loans, and for other purposes.

1. Short title This Act may be cited as the Students Over Special Interests Act . 2. Sunset of public law 115–97 (a) In general All provisions of, and amendments made by, Public Law 115–97 shall not apply to calendar, taxable, plan, or limitation years beginning after December 22, 2017. (b) Application of certain laws The Internal Revenue Code of 1986 shall be applied and administered to years described in subsection (a) as if the provisions and amendments described in subsection (a) had never been enacted. 3. Forgiveness of outstanding Federal student loans (a) Forgiveness required Notwithstanding any other provision of law, not later than 180 days after the date of the enactment of this Act, the Secretary of Education shall forgive the outstanding balance of interest and principal due on all eligible Federal student loans. (b) Method of loan forgiveness To provide the loan forgiveness required under subsection (a), the Secretary is authorized to carry out a program— (1) through the holder of the loan, to assume the obligation to repay the outstanding balance of interest and principal due on a loan made, insured, or guaranteed under part B of title IV of the Higher Education Act of 1965; and (2) to cancel the outstanding balance of interest and principal due on a loan made under part D of such title. (c) Exclusion from taxable income The amount of a borrower’s eligible Federal student loans forgiven under this section shall not be included in the gross income of the borrower for purposes of the Internal Revenue Code of 1986. (d) Definition of eligible Federal student loan In this section the term eligible Federal student loan means any loan made, insured, or guaranteed under part B or part D of title IV of the Higher Education Act of 1965. 4. Increase in Federal Pell Grants; deficit reduction (a) In general Of the amount of net cost savings achieved by sections 2 and 3— (1) one half shall be used by the Secretary of Education to increase the maximum Federal Pell Grant under section 401 of the Higher Education Act of 1965 ( 20 U.S.C. 1070a ) by an equal amount for each of the 10 award years beginning after the date of the enactment of this Act; and (2) one half shall be used for the purpose of deficit reduction. (b) Treatment as mandatory spending The amounts provided under subsection (a)(1) shall be available without further appropriation. (c) Continuation of maximum amount Notwithstanding any other provision of law, the amount of the maximum Federal Pell Grant under section 401 of the Higher Education Act of 1965 ( 20 U.S.C. 1070a ) for each award year beginning after the expiration of the period described in subsection (a)(1) shall be not less than the maximum amount determined for the last award year in such period.