Student Loan Marriage Penalty Elimination Act of 2023

Bill: 118-hr-5920
Sponsor: full_name: Rep. Grothman, Glenn [R-WI-6]
Introduced: 2023-10-11
Policy area: Taxation
Latest action: action_date: 2023-10-25
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-10-11
action_desc: Introduced in House
text: <p><strong>Student Loan Marriage Penalty Elimination Act of </strong><b>2023</b></p> <p>This bill allows married couples filing a joint tax return to apply the $2,500 limitation on the tax deduction for student loan interest separately to each spouse.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 5920 IN THE HOUSE OF REPRESENTATIVES October 11, 2023 Mr. Grothman (for himself, Mr. Carter of Louisiana , Mr. Davis of Illinois , Ms. DelBene , Mr. Gaetz , Mr. Gottheimer , Ms. Jackson Lee , Mr. LaTurner , Mrs. Lesko , Mrs. Miller of Illinois , Ms. Sewell , Mr. Steube , Mr. Swalwell , Mr. Trone , and Mr. Gomez ) introduced the following bill October 25, 2023 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. Short title This Act may be cited as the Student Loan Marriage Penalty Elimination Act of 2023 . 2. 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, 2022.