Student Loan Interest Deduction Act of 2019

Bill: 116-hr-3098
Sponsor: full_name: Rep. Swalwell, Eric [D-CA-15]
Introduced: 2019-06-04
Policy area: Taxation
Subjects: Higher education

Income tax deductions

Interest, dividends, interest rates

Student aid and college costs
Latest action: action_date: 2019-06-04
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2019-06-04
action_desc: Introduced in House
text: <p><strong>Student Loan Interest Deduction Act of 201</strong><b>9</b></p> <p>This bill modifies the tax deduction for student loan interest to (1) increase the maximum 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 the deduction based upon modified adjusted gross income. </p>

tv_txt: I 116th CONGRESS 1st Session H. R. 3098 IN THE HOUSE OF REPRESENTATIVES June 4, 2019 Mr. Swalwell of California (for himself, Mr. Khanna , Ms. Eshoo , Mr. Peters , Mr. Vargas , Mrs. Napolitano , Mr. Payne , Miss Rice of New York , Ms. Lee of California , Mr. Quigley , Mr. Engel , Ms. Barragán , Ms. Roybal-Allard , Mr. Johnson of Georgia , Ms. Moore , Ms. Meng , Mrs. Watson Coleman , Mr. Thompson of Mississippi , Mr. Veasey , Mr. Cohen , and Ms. Kaptur ) 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 2019 . 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.