To amend the Internal Revenue Code of 1986 to allow married couples to apply the student loan interest deduction limitation separately to each spouse, and for other purposes.

Bill: 116-hr-5863
Sponsor: full_name: Rep. Hartzler, Vicky [R-MO-4]
Introduced: 2020-02-12
Policy area: Taxation
Subjects: Higher education

Income tax deductions

Interest, dividends, interest rates

Student aid and college costs

Tax treatment of families
Latest action: action_date: 2020-02-12
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2020-02-12
action_desc: Introduced in House
text: <p>This bill revises the tax deduction for interest on education loans to provide that the $2,500 limitation on such deduction shall apply separately to each taxpayer claiming the deduction.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 5863 IN THE HOUSE OF REPRESENTATIVES February 12, 2020 Mrs. Hartzler (for herself, Mr. Garamendi , Mr. Meadows , Mr. Norcross , Mr. Stewart , Mr. Larsen of Washington , Mr. Cole , Mr. Courtney , Mr. Smith of Missouri , Mr. Riggleman , Mr. Lamborn , Mr. Budd , Mr. Norman , Mr. Banks , Mr. Cline , Mr. Spano , Mr. Grothman , Mr. Yoho , Mr. Johnson of South Dakota , Mr. Loudermilk , Mr. LaMalfa , Mr. David P. Roe of Tennessee , Mr. Flores , Mr. McKinley , Mr. King of Iowa , and Mr. Duncan ) 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 allow married couples to apply the student loan interest deduction limitation separately to each spouse, and for other purposes.

1. Student loan interest deduction limitation applied separately to each spouse (a) In general Section 221(b)(1) of the Internal Revenue Code of 1986 is amended to read as follows: (1) In general The interest taken into account with respect to a taxpayer for a taxable year under subsection (a) for indebtedness incurred by an individual shall not exceed $2,500. . (b) Conforming amendments Section 221 of such Code is amended— (1) in subsection (b), by striking the heading and inserting Dollar limitations , and (2) by amending subsection (e) to read as follows: (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 December 31, 2019.