S 271
103th Congress
Senate
Taxation
College costs
Education
Health
Income tax
Interest
Medical education
Student loan funds
Tax credits
Tax deductions
A bill to amend the Internal Revenue Code of 1986 to allow a credit for interest paid on education loans.
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 2, 1993
Read twice and referred to the Committee on Finance.
Feb 2, 1993
Sponsor introductory remarks on measure. (CR S1034-1035)
Feb 2, 1993
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code to allow a tax credit for interest paid or incurred on any qualified education loan during the first 48 months (whether or not consecutive) for which interest payments are required to be made. Limits such credit to $300.
Allows such tax credit to parents only if the dependent is a student and a personal exemption is claimed for such dependent student.
Excludes interest paid on education loans from the definition of "personal interest" (thus, allowing a deduction to be taken) unless a credit or deduction with respect to such interest is taken.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1