REDUCE Act of 2021

Bill: 117-hr-2983
Sponsor: full_name: Rep. Kinzinger, Adam [R-IL-16]
Introduced: 2021-05-04
Policy area: Taxation
Latest action: action_date: 2021-05-04
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-05-04
action_desc: Introduced in House
text: <p><strong>Readily Ending Debt Under Corporate Engagement Act of 2021 or the REDUCE Act of 2021</strong></p> <p>This bill modifies the tax deduction for interest paid on student loans to allow such deduction without any offset for amounts received as employer-provided educational assistance.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 2983 IN THE HOUSE OF REPRESENTATIVES May 4, 2021 Mr. Kinzinger (for himself and Mrs. Murphy of Florida ) 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 the deduction for interest paid on student loans without reduction for employer educational assistance.

1. Short title This Act may be cited as the Readily Ending Debt Under Corporate Engagement Act of 2021 or the REDUCE Act of 2021 . 2. Student loan interest deduction not offset by employer educational assistance (a) In general Section 221(d)(2)(A) of the Internal Revenue Code of 1986 is amended by striking 127, . (b) Change to denial of double benefit rule Section 221(e)(1) of such Code is amended by striking , or for which an exclusion is allowable under section 127 to the taxpayer by reason of the payment by the taxpayer’s employer of any indebtedness on a qualified education loan of the taxpayer . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2020.