,i  #aad? ,,congress  #b;d ,session  ,h4
 ,r4 #feba  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #h1          
#bjaf,miss ,rice ( ,new ,york introduc$ 
! foll[+ bill2 :i* 0 ref]r$ to !        
,committee on ,ways & ,means1 & 9       
addition to ! ,committee on ,education &
 ! ,work=ce1 = a p]iod to be subsequ5tly
 det]m9$ by ! ,speak]1 9 ea* case =     
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to am5d ! ,int]nal ,rev5ue    
,code ( #aihf to increase ! d$uction    
all[$ = /ud5t loan int]e/ & to exclude f
 gross income dis*>ges ( income cont+5t 
or income-bas$ /ud5t loan indebt$ness4  
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,/ud5ts & ,families ,emp[]m5t ,act4   
#b4 ,increase 9 d$uction = /ud5t loan   
int]e/  7a7 ,doll> limitation &         
limitation bas$ on income replac$ )     
limitation on aggregate education       
indebt$ness t may be tak5 into acc\nt   
,section #bba7;b7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ to read z foll[s3

  7b7 ,limitation on aggregate education
 indebt$ness t may be tak5 into acc\nt  
,! aggregate am\nt tak5 into acc\nt "u  
subsection 7a7 z qualifi$ education     
loans = any p]iod %all n exce$          
#a1jjj1jjj 7twice su* am\nt 9 ! case ( a
 jo9t return74  4  7b7 ,con=m+ am5dm5ts 
,section #bba ( su* ,code is am5d$ by   
/rik+ subsections 7e7 & 7f7 7relat+ to  
special rules & inflation adju/m5ts1    
respectively7 & ins]t+ ! foll[+ new     
subsection3  7e7 ,d5ial ( d\ble b5efit  
,no d$uction %all be all[$ "u ?is       
section = any am\nt = :i* a d$uction is 
all[able "u any o!r provision ( ?is     
*apt]4  4  7c7 ,effective date ,!       
am5dm5ts made by ?is section %all apply 
to taxable ye>s beg9n+ aft] ! date ( !  
enactm5t ( ?is ,act4  #c4 ,exclusion f  
gross income = dis*>ge ( income cont+5t 
& income-bas$ /ud5t loan indebt$ness    
7a7 ,9 g5]al ,p>agraph 7#a7 ( section   
#ajh7;f7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ to read z foll[s3  7#a7  
,9 g5]al ,9 ! case ( an individual1     

gross income does n include any am\nt   
:i* 7b = ?is subsection7 w\ld be        
includible 9 gross income by reason ( ! 
dis*>ge 79 :ole or 9 "p7 ( any /ud5t    
loan if su* dis*>ge 0 pursuant to--     
7,a7 a provision ( su* loan "u :i* all  
or "p ( ! indebt$ness ( ! individual    
w\ld be dis*>g$ if ! individual work$ = 
a c]ta9 p]iod ( "t 9 c]ta9 pr(essions = 
any ( a broad class ( employ]s1 or  7,b7
 subsections 7d77#a77;,d7 & 7e77#g7 (   
section #dee or section #dic;,c7b77#g7 (
 ! ,high] ,education ,act ( #aife       
7relat+ to income cont+5t & income-bas$ 
repaym5t1 respectively74  4  7b7        
,effective date ,! am5dm5ts made by ?is 
section %all apply to dis*>ges (        
indebt$ness aft] ! date ( ! enactm5t (  
?is ,act4  #d4 ,grace p]iod ext5sion    
7a7 ,9 g5]al ,section #dee ( ! ,high]   
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;e7 is am5d$ by add+ at ! end !    
foll[+3  7r7 ,grace p]iod ext5sion  7#a7
 ,9 g5]al ,) respect to ! ,f$]al ,direct
 ,/af=d ,loans & ,f$]al ,direct         

,unsubsidiz$ ,/af=d ,loans1 section     
#dhg7;b77#g7 %all be appli$--  7,a7 9   
subp>agraph 7,a71 by sub/itut+ #ab mon?s
 = #f mon?s2 &  7,b7 9 subp>agraph 7,d71
 by sub/itut+ #ab-mon? p]iod = #f-mon?  
p]iod4  7#b7 ,no accrual ( int]e/       
,not)/&+ any o!r provision ( ?is "p1    
int]e/ %all n accrue on a ,f$]al ,direct
 ,unsubsidiz$ ,/af=d ,loan dur+ !       
#ab-mon? p]iod describ$ 9 p>agraph 7#a74
  7s7 ,ext5sion ( c]ta9 def]m5t p]iod = 
,f$]al ,direct ,,plus ,loans  7#a7 ,9   
g5]al ,) respect to ,f$]al ,direct      
,,plus ,loans1 section                  
#dbh;,b7d77#a77;,b7 %all be appli$--    
7,a7 9 ! case ( a p>5t borr[]1 9 clause 
7i71 by sub/itut+ #ab-mon? p]iod =      
#f-mon? p]iod2 &  7,b7 9 ! case ( a     
graduate or pr(essional /ud5t borr[]1 9 
clause 7ii71 by sub/itut+ #ab-mon? p]iod
 = #f-mon? p]iod4  7#b7 ,no accrual (   
int]e/ ,not)/&+ any o!r provision ( ?is 
"p1 int]e/ %all n accrue on a ,f$]al    
,direct ,,plus ,loan dur+ ! #ab-mon?    
p]iod describ$ 9 p>agraph 7#a74  4  7b7 

,effective date & application ,!        
am5dm5ts made by ?is section %all take  
effect on ! date ( enactm5t ( ?is ,act1 
& %all apply ) respect to--  7#a7 ,f$]al
 ,direct ,/af=d ,loans1 ,f$]al ,direct  
,unsubsidiz$ ,/af=d ,loans1 & ,f$]al    
,direct ,,plus ,loans made on or aft] ! 
date ( enactm5t ( ?is ,act2 &  7#b7     
,f$]al ,direct ,/af=d ,loans1 ,f$]al    
,direct ,unsubsidiz$ ,/af=d ,loans1 &   
,f$]al ,direct ,,plus ,loans made be=e  
su* date ( enactm5t to borr[]s :o h n   
yet ent]$ repaym5t on su* loans on su*  
date ( enactm5t4