H.R. 3623 — Introduced in House

I 114th CONGRESS 1st Session H. R. 3623 IN THE HOUSE OF REPRESENTATIVES September 28, 2015 Mr. Marchant (for himself, Mr. Smith of Missouri, and Mr. Danny K. Davis of Illinois) 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 amount allowed as a deduction for interest on education loans paid by married couples. 1. Short title This Act may be cited as the Fairness and Opportunities for Married Households With Student Loans Act. 2. Increase in deduction for interest on education loans paid by married couples (a) In general Section 221(b)(1) of the Internal Revenue Code of 1986 is amended by inserting ($5,000 in the case of a joint return) after $2,500. (b) Effective date The amendment made by subsection (a) shall apply to amounts paid in taxable years beginning after the date of the enactment of this Act.