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HR 488 101th Congress House Taxation Education Income tax Interest Scholarships Student loan funds Tax deductions Tax exclusion

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: January 4, 1989 See on congress.gov
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This bill died when the 101st Congress ended
It never became law before the 101st Congress (1989–1990) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 4, 1989
Referred to the House Committee on Ways and Means.
Jan 4, 1989
Introduced in House
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 Plain-English summary Congressional Research Service

Repeals 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.

Amends the Internal Revenue Code 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 January 4, 1989

Referred to the House Committee on Ways and Means.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Kaptur, Marcy
Ohio · Jul 20, 1989
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 488: 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.. 101st Congress. Open America. https://openamerica.io/bill/101-HR-488/
MLA
"H.R. 488: 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.." 101st Congress, 2026, Open America, https://openamerica.io/bill/101-HR-488/.
Bluebook (legal)
H.R. 488, 101st Cong. (2026), https://openamerica.io/bill/101-HR-488/.
Markdown link
[H.R. 488: 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.](https://openamerica.io/bill/101-HR-488/)
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