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H.R. 3861 (114th): Employer Participation in Student Loan Assistance Act

The text of the bill below is as of Oct 29, 2015 (Introduced).

Source: GPO

I

114th CONGRESS

1st Session

H. R. 3861

IN THE HOUSE OF REPRESENTATIVES

October 29, 2015

(for himself, Ms. Graham, Mr. Coffman, Mr. Rouzer, Mr. Nolan, Ms. McSally, Mr. Garamendi, Mr. Murphy of Florida, and Mr. Blum) 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 extend the exclusion for employer-provided educational assistance to employer payments of qualified education loans.

1.

Short title

This Act may be cited as the Employer Participation in Student Loan Assistance Act.

2.

Exclusion for employer payment of qualified education loans

(a)

In general

Section 127(c)(1) of the Internal Revenue Code of 1986 is amended by striking and at the end of subparagraph (A), by redesignating subparagraph (B) as subparagraph (C), and by inserting after subparagraph (A) the following new subparagraph:

(B)

the payment by an employer, whether paid to the employee or to a lender, of principal or interest on any qualified education loan (as defined in section 221(d)(1)) incurred by the employee, and

.

(b)

Denial of double benefit

Section 221(e)(1) of such Code is amended by inserting before the period at the end the following: , or for any amount which is excludable from gross income under section 127(c)(1)(B).

(c)

Effective date

The amendments made by this section shall apply to payments made by employers after December 31, 2015.