To amend the Internal Revenue Code of 1986 to allow married couples to apply the student loan interest deduction limitation separately to each spouse, and for other purposes.

This bill revises the tax deduction for interest on education loans to provide that the $2,500 limitation on such deduction shall apply separately to each taxpayer claiming the deduction.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5863 Introduced in House (IH)]

<DOC>






116th CONGRESS
  2d Session
                                H. R. 5863

To amend the Internal Revenue Code of 1986 to allow married couples to 
apply the student loan interest deduction limitation separately to each 
                    spouse, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 12, 2020

 Mrs. Hartzler (for herself, Mr. Garamendi, Mr. Meadows, Mr. Norcross, 
  Mr. Stewart, Mr. Larsen of Washington, Mr. Cole, Mr. Courtney, Mr. 
 Smith of Missouri, Mr. Riggleman, Mr. Lamborn, Mr. Budd, Mr. Norman, 
Mr. Banks, Mr. Cline, Mr. Spano, Mr. Grothman, Mr. Yoho, Mr. Johnson of 
    South Dakota, Mr. Loudermilk, Mr. LaMalfa, Mr. David P. Roe of 
Tennessee, Mr. Flores, Mr. McKinley, Mr. King of Iowa, and Mr. Duncan) 
 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 allow married couples to 
apply the student loan interest deduction limitation separately to each 
                    spouse, and for other purposes.

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

SECTION 1. STUDENT LOAN INTEREST DEDUCTION LIMITATION APPLIED 
              SEPARATELY TO EACH SPOUSE.

    (a) In General.--Section 221(b)(1) of the Internal Revenue Code of 
1986 is amended to read as follows:
            ``(1) In general.--The interest taken into account with 
        respect to a taxpayer for a taxable year under subsection (a) 
        for indebtedness incurred by an individual shall not exceed 
        $2,500.''.
    (b) Conforming Amendments.--Section 221 of such Code is amended--
            (1) in subsection (b), by striking the heading and 
        inserting ``Dollar Limitations'', and
            (2) by amending subsection (e) to read as follows:
    ``(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.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2019.
                                 <all>