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S 2160 102th Congress Senate Taxation College costs Education Educational finance Income tax Interest Medical education Student loan funds Tax credits Tax deductions

A bill to amend the Internal Revenue Code of 1986 to allow taxpayers to elect a deduction or credit for interest on certain educational loans.

Introduced: January 24, 1992 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 24, 1992
Read twice and referred to the Committee on Finance.
Jan 24, 1992
Introduced in Senate
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to allow an itemized deduction for interest on educational loans for the first 48 months (whether or not consecutive) for which a payment is required to be made.

Allows a tax credit for interest paid or incurred on any qualified education loan during the first 48 months (whether or not consecutive) for which a payment is required to be made. Limits such credit to $300.

Requires taxpayers to elect the tax deduction or the tax credit, but not both. Prohibits the use of such deduction if a deduction is allowed for residence interest which is allocable to indebtedness used to pay qualified higher education expenses. Allows such tax credit to parents only if the dependent is a student and a personal exemption is claimed for such dependent student.

What's happening now January 24, 1992

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1