Student Loan Interest Deduction Act of 2021

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4726 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 4726

 To amend the Internal Revenue Code of 1986 to increase the deduction 
                   allowed for student loan interest.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 27, 2021

 Mr. Swalwell introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the deduction 
                   allowed for student loan interest.

    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 ``Student Loan Interest Deduction Act 
of 2021''.

SEC. 2. INCREASE IN DEDUCTION FOR STUDENT LOAN INTEREST.

    (a) Increase in Dollar Limitation and Repeal of Limitation Based on 
Income.--Section 221(b) of the Internal Revenue Code of 1986 is amended 
to read as follows:
    ``(b) Maximum Deduction.--The deduction allowed by subsection (a) 
for the taxable year shall not exceed $5,000 ($10,000 in the case of a 
joint return).''.
    (b) Conforming Amendments.--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:
    ``(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 the date of the enactment of 
this Act.
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