HR 2649
100th Congress
House
Taxation
Education
Finance and Financial Sector
Income tax
Interest
Scholarships
Student aid
Student loan funds
Tax deductions
Tax exclusion
A bill to amend the Internal Revenue Code of 1986 to restore the prior law exclusion for scholarships and fellowships and to restore the deduction for interest on educational loans.
Introduced: June 10, 1987
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 25, 1988
Referred to Subcommittee on Select Revenue Measures.
Jun 10, 1987
Referred to House Committee on Ways and Means.
Jun 10, 1987
Introduced in House
Plain-English summary
Repeals specified provisions of the Tax Reform Act of 1986 that restrict the types of scholarships and fellowship grants that may be excluded from gross income for income tax purposes. States that the Internal Revenue Code of 1986 (IRC) shall be applied and administered as if such provisions had not been enacted.
Amends the IRC to allow an income tax deduction for interest on a qualified educational loan incurred to pay the educational expenses of the taxpayer, spouse, or dependent. Eliminates the current requirement that such indebtedness be secured by an interest in real property.
What's happening now
Referred to Subcommittee on Select Revenue Measures.
Committees of jurisdiction
2