H. R. 5719
IN THE HOUSE OF REPRESENTATIVES
May 10, 2012
Mr. Rangel (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
To amend the Internal Revenue Code of 1986 to increase the deduction allowed for student loan interest.
This Act may be cited as the
Student Loan Interest Deduction Act of
Increase in deduction for student loan interest
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:
The deduction allowed by subsection (a) for the taxable year shall not exceed $5,000 ($10,000 in the case of a joint return).
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.
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:
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.
The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.