S. 2343 (112th): Stop the Student Loan Interest Rate Hike Act of2012

Introduced:
Apr 24, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Harry Reid [D-NV]
Status:
Died (Failed Cloture)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced in a previous session of Congress but was killed due to a failed vote for cloture, under a fast-track vote called "suspension", or while resolving differences on May 8, 2012.

Progress
Introduced Apr 24, 2012
Reported by Committee Apr 24, 2012
Failed Cloture May 08, 2012
Votes

On Cloture on the Motion to Proceed S. 2343
May 08, 2012 12:01 p.m.
Cloture on the Motion to Proceed Rejected 52/45

On the Amendment S.Amdt. 2153 to S. 2343 (Stop the Student Loan Interest Rate Hike Act of2012)
May 24, 2012 3:46 p.m.
Amendment Rejected 34/62

Senate Vote on Passage
May 24, 2012 4:02 p.m.
Bill Defeated 51/43

Cosponsors
22 cosponsors (21D, 1I) (show)
Full Title

A bill to amend the Higher Education Act of 1965 to extend the reduced interest rate for Federal Direct Stafford Loans, and for other purposes.

Summary

No summaries available.

Text

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Last updated Apr 24, 2012.
12 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

4/24/2012--Introduced.
Stop the Student Loan Interest Rate Hike Act of 2012 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to make the 3.4% interest rate on Direct Stafford loans first disbursed to undergraduate students between July 1, 2011, and July 1, 2012, applicable to Direct Stafford loans first disbursed to undergraduate students between July 1, 2011, and July 1, 2013.
Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to require certain shareholders of a subchapter S corporation engaged as a partner in a professional service business to include income or loss attributable to such business in their net earnings from self-employment for employment tax purposes.
Restricts such tax treatment to shareholders whose modified adjusted gross income exceeds a specified amount that varies based on their tax filing status.
Defines a "professional service business" as any trade or business providing services in the fields of health, law, lobbying, engineering, architecture, accounting, actuarial science, performing arts, consulting, athletics, investment advice or management, or brokerage services.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)