,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #djbj  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,febru>y #f1 #bjad    
,ms4 ,p+ree ( ,ma9e introduc$ ! foll[+  
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to all[  
c]ta9 dis*>g$ /ud5t loan debt to be     
includ$ 9 gross income ratably ov] #ae  
ye>s & to disreg>d su* income 9 det]m9+ 
eligibility = ,f$]al means-te/$         
programs4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,/ud5t ,loan ,=giv5ess ,tax
 ,repaym5t ,act ( #bjad4  #b4 #ae-ye>   
ratable inclusion ( cancell$ /ud5t loan 
debt  7a7 ,9 g5]al ,sub*apt] ,q ( *apt] 
#a ( ! ,int]nal ,rev5ue ,code ( #aihf is
 am5d$ by add+ at ! end ! foll[+ new "p3
  ,,viii ,ratable inclusion ( c]ta9     
income  ,sec4 #acea;,a4 #ae-ye> ratable 
inclusion ( cancell$ /ud5t loan debt4   
#acea;,a4 #ae-ye> ratable inclusion (   
cancell$ /ud5t loan debt  7a7 ,9 g5]al  
,9 ! case ( any individual :o elects !  
application ( ?is section = any taxable 

ye>1 any am\nt :i* 7b = ?is section7    
w\ld be includible 9 gross income = !   
taxable ye> by reason ( ! dis*>ge 79    
:ole or 9 "p7 ( any /ud5t loan 7z def9$ 
by section #ajh7;f77#b77 by reason (    
dea? or disability %all be s includ$    
ratably ov] ! #ae-taxable-ye> p]iod     
beg9n+ ) ! taxable ye> ( su* dis*>ge4   
7b7 ,limitation bas$ on modifi$ adju/$  
gross income  7#a7 ,9 g5]al ,! am\nt    
tak5 into acc\nt "u subsection 7a7 %all 
n exce$ ! am\nt :i* 7b = ?is subsection7
 w\ld be s tak5 into acc\nt1 r$uc$ by ! 
excess 7if any7 (--  7,a7 ! modifi$     
adju/$ gross income ( ! taxpay] = !     
taxable ye> ( ! dis*>ge1 ov]  7,b7      
#hj1jjj 7#afj1jjj 9 ! case ( a jo9t     
return74  7#b7 ,modifi$ adju/$ gross    
income ,! t]m modifi$ adju/$ gross      
income means ! adju/$ gross income ( !  
taxpay] = ! taxable ye> det]m9$--  7,a7 
)\t reg>d to ?is section & sections     
#iaa1 #ica1 & #icc1 &  7,b7 aft] !      
application ( sections #hf1 #ace1 #acg1 
#aii1 #bai1 #bba1 #bbb1 & #dfi4  7c7    

,special rules  7#a7 ,dea? ( /ud5t ,9 ! 
case ( any dis*>ge ( a /ud5t loan by    
reason ( ! dea? ( an individual to :om !
 loan 0 made1 no election "u ?is section
 may be made by or on behalf ( su*      
individual4  7#b7 ,election ,any        
election made "u ?is section1 once made1
 %all be irrevocable4  4  7b7 ,con=m+   
am5dm5ts  7#a7 ,sections                
#hf7;b77#b77;,a71 #ace7;c77#d77;,a71    
#acg7;b77#c77;,a71 #bba7;b77#b77;,c77i71
 #bbb7;b77#b77;,c77i7 are ea* am5d$ by  
/rik+ & #icc & ins]t+ #icc1 & #acea;,a4 
7#b7 ,section #aii7;d77#b77;,b7 ( su*   
,code is am5d$ by ins]t+ & section      
#acea;,a be=e ! p]iod at ! end4  7#c7   
,section #bai7;g77#c77;,a77ii7 is am5d$ 
by /rik+ & #iaa & ins]t+ #iaa1 &        
#acea;,a4  7#d7 ,section                
#dfi7;i77#c77;,f77iii7 ( su* ,code is   
am5d$ by /rik+ & #bbb & ins]t+ #bbb1 &  
#acea;,a4  7c7 ,cl]ical am5dm5t ,! table
 ( p>ts = sub*apt] ,q ( *apt] #a ( su*  
,code is am5d$ by add+ at ! end ! foll[+
 new item3  ,"p ,,viii4 ,ratable        

inclusion ( c]ta9 income  4  7d7        
,effective date ,! am5dm5ts made by ?is 
section %all apply to dis*>ges (        
indebt$ness aft] ! date ( ! enactm5t (  
?is ,act4  #c4 ,/ud5t loan debt cancell$
 by reason ( dea? or disability         
disreg>d$ = ,f$]al mean-te/$ programs ,!
 dis*>ge ( any /ud5t loan 7z def9$ by   
section #ajh7;f77#b7 ( ! ,int]nal       
,rev5ue ,code ( #aihf7 by reason ( dea? 
or disability1 & any income attributable
 !reto1 %all be disreg>d$ = purposes (  
det]m9+ eligibility = any ,f$]al        
means-te/$ program4