Source: https://law.justia.com/codes/us/2015/title-26/subtitle-a/chapter-1/subchapter-b/part-vii/sec.-221/
Timestamp: 2020-02-19 06:54:45
Document Index: 17889514

Matched Legal Cases: ['§ 221', '§202', '§6004', '§4003', '§402', '§207', '§408', '§102', '§412', '§221', '§ 221', '§221', '§202', '§6004', '§4003', '§402', '§207', '§408', '§102', '§412', '§221', '§103', '§305', '§131', '§412', '§4003', '§412', '§412']

26 U.S.C. § 221 (2015) - Interest on education loans :: Title 26 - Internal Revenue Code (Sections 1 - 9834) - US Code :: Justia
Justia US Law US Codes and Statutes US Code 2015 US Code Title 26 - Internal Revenue Code (Sections 1 - 9834) Subtitle A - Income Taxes (Sections 1 - 1564) Chapter 1 - Normal Taxes and Surtaxes (Sections 1 - 1400U-3) Subchapter B - Computation of Taxable Income (Sections 61 - 291) Part VII - Additional Itemized Deductions for Individuals (Sections 211 - 224) Sec. 221 - Interest on education loans
Contains section 221
Source Credit Added Pub. L. 105-34, title II, §202(a), Aug. 5, 1997, 111 Stat. 806; amended Pub. L. 105-206, title VI, §6004(b), July 22, 1998, 112 Stat. 792; Pub. L. 105-277, div. J, title IV, §4003(a)(2)(A), (3), Oct. 21, 1998, 112 Stat. 2681-908; Pub. L. 107-16, title IV, §§402(b)(2)(B), 412(a)(1), (b)(1), (2), 431(c)(2), June 7, 2001, 115 Stat. 62-64, 68; Pub. L. 108-311, title II, §207(20), title IV, §408(b)(5), Oct. 4, 2004, 118 Stat. 1178, 1192; Pub. L. 108-357, title I, §102(d)(2), Oct. 22, 2004, 118 Stat. 1428; Pub. L. 109-135, title IV, §412(t), Dec. 21, 2005, 119 Stat. 2638; Pub. L. 113-295, div. A, title II, §221(a)(40), Dec. 19, 2014, 128 Stat. 4043.
Statutes at Large References 95 Stat. 187
96 Stat. 2400
112 Stat. 792, 2681-908
115 Stat. 62-64, 64
118 Stat. 1178, 1428
Public and Private Laws Public Law 97-34, Public Law 97-448, Public Law 99-514, Public Law 105-34, Public Law 105-206, Public Law 105-277, Public Law 107-16, Public Law 108-311, Public Law 108-357, Public Law 109-135, Public Law 113-295
26 U.S.C. § 221 (2015)
§221. Interest on education loans(a) Allowance of deduction
(b) Maximum deduction(1) In general
The term "modified adjusted gross income" means adjusted gross income determined—
The term "qualified higher education expenses" means the cost of attendance (as defined in section 472 of the Higher Education Act of 1965, 20 U.S.C. 1087ll, as in effect on the day before the date of the enactment of the Taxpayer Relief Act of 1997) at an eligible educational institution, reduced by the sum of—
(e) Special rules(1) Denial of double benefit
(f) Inflation adjustments(1) In general
(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting "calendar year 2001" for "calendar year 1992" in subparagraph (B) thereof.
(Added Pub. L. 105–34, title II, §202(a), Aug. 5, 1997, 111 Stat. 806; amended Pub. L. 105–206, title VI, §6004(b), July 22, 1998, 112 Stat. 792; Pub. L. 105–277, div. J, title IV, §4003(a)(2)(A), (3), Oct. 21, 1998, 112 Stat. 2681–908; Pub. L. 107–16, title IV, §§402(b)(2)(B), 412(a)(1), (b)(1), (2), 431(c)(2), June 7, 2001, 115 Stat. 62–64, 68; Pub. L. 108–311, title II, §207(20), title IV, §408(b)(5), Oct. 4, 2004, 118 Stat. 1178, 1192; Pub. L. 108–357, title I, §102(d)(2), Oct. 22, 2004, 118 Stat. 1428; Pub. L. 109–135, title IV, §412(t), Dec. 21, 2005, 119 Stat. 2638; Pub. L. 113–295, div. A, title II, §221(a)(40), Dec. 19, 2014, 128 Stat. 4043.)
Another prior section 221, added Pub. L. 97–34, title I, §103(a), Aug. 13, 1981, 95 Stat. 187; amended Pub. L. 97–448, title III, §305(d)(4), Jan. 12, 1983, 96 Stat. 2400, related to deduction for two-earner married couples, prior to repeal by Pub. L. 99–514, title I, §131(a), Oct. 22, 1986, 100 Stat. 2113, applicable to taxable years beginning after Dec. 31, 1986.
2014—Subsec. (b)(1). Pub. L. 113–295 substituted "shall not exceed $2,500." for "shall not exceed the amount determined in accordance with the following table:" and table of amounts for taxable years 1998 to 2001 and thereafter.
2005—Subsec. (d)(2). Pub. L. 109–135 substituted "the Taxpayer Relief Act of 1997" for "this Act".
2004—Subsec. (b)(2)(C)(i). Pub. L. 108–357 inserted "199," before "222".
2001—Subsec. (b)(2)(B)(i), (ii). Pub. L. 107–16, §412(b)(1), amended cls. (i) and (ii) generally. Prior to amendment, cls. (i) and (ii) read as follows:
"(i) the excess of—
1998—Subsec. (b)(2)(C). Pub. L. 105–277, §4003(a)(2)(A)(iii), struck out concluding provisions which read as follows: "For purposes of sections 86, 135, 137, 219, and 469, adjusted gross income shall be determined without regard to the deduction allowed under this section."
Pub. L. 107–16, title IV, §412(a)(3), June 7, 2001, 115 Stat. 64, provided that: "The amendments made by this subsection [amending this section and section 6050S of this title] shall apply with respect to any loan interest paid after December 31, 2001, in taxable years ending after such date."
Pub. L. 107–16, title IV, §412(b)(3), June 7, 2001, 115 Stat. 64, provided that: "The amendments made by this subsection [amending this section] shall apply to taxable years ending after December 31, 2001."