Fairness and Opportunities for Married Households With Student Loans Act

Bill: 115-hr-7335
Sponsor: full_name: Rep. Davis, Danny K. [D-IL-7]
Introduced: 2018-12-19
Policy area: Taxation
Subjects: Income tax deductions

Interest, dividends, interest rates

Student aid and college costs
Latest action: action_date: 2018-12-19
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2018-12-19
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 115th CONGRESS 2d Session H. R. 7335 IN THE HOUSE OF REPRESENTATIVES December 19, 2018 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.