Fairness and Opportunities for Married Households With Student Loans Act

Fairness and Opportunities for Married Households With Student Loans Act

This bill amends the Internal Revenue Code to increase to $5,000 the tax deduction for interest on education loans for married couples filing a joint tax return.

[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3623 Introduced in House (IH)]

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114th CONGRESS
  1st Session
                                H. R. 3623

   To amend the Internal Revenue Code of 1986 to increase the amount 
allowed as a deduction for interest on education loans paid by married 
                                couples.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 28, 2015

  Mr. Marchant (for himself, Mr. Smith of Missouri, and Mr. Danny K. 
Davis of Illinois) 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 amount 
allowed as a deduction for interest on education loans paid by married 
                                couples.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fairness and Opportunities for 
Married Households With Student Loans Act''.

SEC. 2. INCREASE IN DEDUCTION FOR INTEREST ON EDUCATION LOANS PAID BY 
              MARRIED COUPLES.

    (a) In General.--Section 221(b)(1) of the Internal Revenue Code of 
1986 is amended by inserting ``($5,000 in the case of a joint return)'' 
after ``$2,500''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to amounts paid in taxable years beginning after the date of the 
enactment of this Act.
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