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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 its sponsor. S. stands for Senate bill.

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.

Text

Read Bill Text »

Last updated Apr 24, 2012.
12 pages

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

Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.

 
Votes
May 08, 2012 12:01 p.m.
Cloture on the Motion to Proceed Rejected 52/45
May 24, 2012 3:46 p.m.
Amendment Rejected 34/62
May 24, 2012 4:02 p.m.
Bill Defeated 51/43

Cosponsors
22 cosponsors (21D, 1I) (show)
Summary

No summaries available.

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GovTrack’s Bill Summary

We don’t have a summary available yet.

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

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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

United States Code

The United States Code is the compilation of general and permanent laws enacted by Congress. Laws that are not permanent in nature, law that affect a single individual, family, or small group, regulations, case law, state law, and local law do not appear in the United States Code.

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