H.R. 4700 — Introduced in House

I 113th CONGRESS 2d Session H. R. 4700 IN THE HOUSE OF REPRESENTATIVES May 21, 2014 Mr. Gardner 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 limitation on the deduction for student loan interest. 1. Increase in limitation on deduction for student loan interest (a) In general Section 221(b)(1) of the Internal Revenue Code of 1986 is amended by striking the amount determined and all that follows and inserting $5,000.. (b) Inflation adjustment Subsection (f) of section 221 of such Code is amended by— (1) redesignating paragraphs (1) and (2) as paragraphs (2) and (3), respectively, and inserting before paragraph (2) (as so redesignated) the following new paragraph: (1) Dollar limitation In the case of any taxable year beginning after 2015, the $5,000 amount in subsection (b)(1) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2014 for calendar year 1992 in subparagraph (B) thereof. , (2) in paragraph (2) (as so redesignated), by striking In general in the heading thereof and inserting Limitation based on modified adjusted gross income, and (3) in paragraph (3) (as so redesignated)— (A) by striking paragraph (1) and inserting paragraph (1) or (2), and (B) by inserting ($100 in the case of any adjustment under paragraph (1)) after $5,000 both places it appears. (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2014.