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Text of the Student Loan Interest Deduction Act of 2012

This bill was introduced on May 10, 2012, in a previous session of Congress, but was not enacted. The text of the bill below is as of May 10, 2012 (Introduced).

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Source: GPO

I

112th CONGRESS

2d Session

H. R. 5719

IN THE HOUSE OF REPRESENTATIVES

May 10, 2012

(for himself, Mr. McDermott, Mr. Pascrell, Mr. Lewis of Georgia, Ms. Berkley, Mr. Neal, Mr. Larson of Connecticut, Mr. Gerlach, and Mr. Blumenauer) 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 increase the deduction allowed for student loan interest.

1.

Short title

This Act may be cited as the Student Loan Interest Deduction Act of 2012.

2.

Increase in deduction for student loan interest

(a)

Increase in dollar limitation and repeal of limitation based on income

Subsection (b) of section 221 of the Internal Revenue Code of 1986 is amended to read as follows:

(b)

Maximum deduction

The deduction allowed by subsection (a) for the taxable year shall not exceed $5,000 ($10,000 in the case of a joint return).

.

(b)

Repeal of the limitation on the period the deduction is allowed made permanent

Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not apply to the amendments made by section 412 of such Act.

(c)

Conforming amendment

Section 221 of such Code is amended by striking subsections (e) and (f) (relating to special rules and inflation adjustments, respectively) and inserting the following new subsection:

(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.

.

(d)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.