V.E.T. Student Loans Act

Bill: 117-hr-5097
Sponsor: full_name: Rep. Neguse, Joe [D-CO-2]
Introduced: 2021-08-24
Policy area: Taxation
Latest action: action_date: 2021-08-24
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-08-24
action_desc: Introduced in House
text: <p><strong>Veterans Equitable Taxation of Student Loans Act or the V.E.T. Student Loans Act</strong></p> <p>This bill excludes from the gross income of veterans, for income tax purposes, income attributable to the discharge of student loan debt. The exclusion is permanent and is retroactive beginning in 2001.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 5097 IN THE HOUSE OF REPRESENTATIVES August 24, 2021 Mr. Neguse 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 retroactively and perpetually apply the exclusion of discharged student loan debt for veterans killed or totally and permanently disabled in connection to their service to the United States.

1. Short title This Act may be cited as the Veterans Equitable Taxation of Student Loans Act or the V.E.T. Student Loans Act . 2. Exclusion of discharged student loan debt from gross income of veterans (a) In general Section 108(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (6) Special rule for Veterans In the case of a taxpayer who is a veteran of the Armed Forces of the United States, paragraph (5) shall be applied by substituting after December 31, 2000 for after December 31, 2020, and before January 1, 2026 . . (b) Effective date The amendment made by this section shall take effect as if included in section 9675 of the American Rescue Plan Act of 2021.