Employer Participation in Repayment Act of 2019

Bill: 116-s-460
Sponsor: full_name: Sen. Warner, Mark R. [D-VA]
Introduced: 2019-02-12
Policy area: Taxation
Subjects: Employee benefits and pensions

Income tax exclusion

Interest, dividends, interest rates

Student aid and college costs
Latest action: action_date: 2019-02-12
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-02-12
action_desc: Introduced in Senate
text: <p><b>Employer Participation in Repayment Act of 2019</b></p> <p>This bill expands the tax exclusion for employer-provided educational assistance to include payments of qualified education loans by an employer to either an employee or a lender.</p>

tv_txt: II 116th CONGRESS 1st Session S. 460 IN THE SENATE OF THE UNITED STATES February 12, 2019 Mr. Warner (for himself, Mr. Thune , Mr. King , Mrs. Capito , Mr. Markey , Mr. Roberts , Mr. Murphy , Mr. Hoeven , Mr. Jones , Mr. Rounds , Mr. Blumenthal , Ms. Collins , Mr. Tester , Mr. Blunt , Ms. Hassan , Mr. Young , Ms. Rosen , Mr. Gardner , and Ms. Sinema ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to extend the exclusion for employer-provided education assistance to employer payments of student loans.

1. Short title This Act may be cited as the Employer Participation in Repayment Act of 2019 . 2. Exclusion for certain employer payments of student loans (a) In general Paragraph (1) of section 127(c) of the Internal Revenue Code of 1986 is amended by striking and at the end of subparagraph (A), by redesignating subparagraph (B) as subparagraph (C), and by inserting after subparagraph (A) the following new subparagraph: (B) the payment by an employer, whether paid to the employee or to a lender, of principal or interest on any qualified education loan (as defined in section 221(d)(1)) incurred by the employee, and . (b) Conforming amendment; denial of double benefit Paragraph (1) of section 221(e) of the Internal Revenue Code of 1986 is amended by inserting before the period the following: , or for which an exclusion is allowable under section 127 to the taxpayer's employer by reason of the payment by such employer of any indebtedness on a qualified education loan of the taxpayer . (c) Effective date The amendments made by this section shall apply to payments made after December 31, 2019.