H.R. 1527 — Introduced in House

I 113th CONGRESS 1st Session H. R. 1527 IN THE HOUSE OF REPRESENTATIVES April 12, 2013 Mr. Rangel (for himself, Mrs. Napolitano, Mr. McDermott, Mr. Polis, Mr. Vargas, Mr. Pascrell, Mr. Grijalva, Ms. Clarke, Mr. Kind, Ms. Bordallo, Mr. Ellison, Mr. Conyers, and Ms. Wilson of Florida) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to increase the deduction allowed for student loan interest. 1. Short title This Act may be cited as the Student Loan Interest Deduction Act of 2013. 2. Increase in deduction for student loan interest (a) Increase in dollar limitation and repeal of limitation based on income Subsection (b) of section 221 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.