,i #aaeth ,,congress #ast ,session ,h4 ,r4 #fae ,,in ,,the ,,house ,,of ,,representatives ,january #bc1 #bjag,mr4 ,ross introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to include student loan repayers as members of targeted groups for purposes of the work opportunity credit and to provide for a credit against tax for student loan program startup costs4 #a4 ,short title ,this ,act may be cited as the ,student ,loan ,repayment ,act of #bjag4 #b4 ,inclusion of student loan repayers for purposes of work opportunity credit 7a7 ,in general ,section #ea7;d77#a7 of the ,internal ,revenue ,code of #aihf is amended by striking or at the end of subparagraph 7,i71 by striking the period at the end of subparagraph 7,j7 and inserting 1 or1 and by adding at the end the following new subparagraph3 7,k7 a qualified student loan repayer4 4 7b7 ,qualified student loan repayer defined ,section #ea7;d7 of such ,code is amended by adding at the end the following new paragraph3 7#af7 ,qualified student loan repayer ,the term qualified student loan repayer means any individual who is certified by the designated local agency as-- 7,a7 having at least an associate's degree2 and 7,b7 having outstanding qualified education loans 7as defined in section #bba7 of not less than #aj1jjj4 4 7c7 ,effective date ,the amendments made by this section shall apply with respect to individuals who begin work for the employer after the date of the enactment of this ,act4 #c4 ,student loan program startup costs credit 7a7 ,in general ,subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #de,s4 ,student loan program startup costs credit 7a7 ,in general ,for purposes of section #ch1 in the case of an eligible employer1 the student loan program startup costs credit determined under this section for any taxable year is an amount equal to #ej percent of the qualified startup costs paid or incurred by the taxpayer during the taxable year4 7b7 ,dollar limitation ,the amount of the credit determined under this section for any taxable year for a qualified employer shall not exceed-- 7#a7 for the first credit year and each of the #b taxable years immediately following the first credit year1 the product of-- 7,a7 #ejj1 multiplied by 7,b7 the number of employees participating during such taxable year in an eligible employer plan for which the employer is eligible for a credit under this section1 and 7#b7 for any other taxable year1 zero4 7c7 ,eligible employer ,for purposes of this section1 the term eligible employer means an employer if such employer1 or any member of any controlled group including the employer 7or any predecessor of either71 during the #c-taxable-year period immediately preceding the first taxable year for which the credit under this section is otherwise allowable for a qualified employer plan of the employer1 has not established or maintained a qualified employer plan with respect to which contributions were made1 or benefits were accrued1 for substantially the same employees as are in the qualified employer plan4 7d7 ,other definitions ,for purposes of this section-- 7#a7 ,qualified startup costs 7,a7 ,in general ,the term qualified startup costs means any ordinary and necessary expenses of an eligible employer which are paid or incurred in connection with the establishment or administration of an eligible employer plan4 ,such term shall not include any payment made to1 or on behalf of1 any employee pursuant to such plan4 7,b7 ,plan must have at least one participant ,such term shall not include any expense in connection with a plan that does not have at least one employee eligible to participate who is not a highly compensated employee4 7#b7 ,eligible employer plan ,the term eligible employer plan means a student loan repayment plan administered by an employer through which the employer provides1 for each employee for each year1 qualified matching contributions4 7#c7 ,qualified matching contribution ,the term qualified matching contribution means an employer contribution made to an eligible employer plan on behalf of an employee on account of an employee contribution made by such employee if such employer contribution is at least the lesser of-- 7,a7 the amount of such employee contribution1 and 7,b7 #b1jjj4 7#d7 ,first credit year ,the term first credit year means-- 7,a7 the taxable year which includes the date that the eligible employer plan to which such costs relate becomes effective1 or 7,b7 at the election of the eligible employer1 the taxable year preceding the taxable year referred to in subparagraph 7,a74 7e7 ,special rules ,for purposes of this section-- 7#a7 ,aggregation rules ,all persons treated as a single employer under subsection 7a7 or 7b7 of section #eb1 or subsection 7m7 or 7o7 of section #dad1 shall be treated as one person4 ,all eligible employer plans shall be treated as one eligible employer plan4 7#b7 ,disallowance of deduction ,no deduction shall be allowed for that portion of the qualified startup costs paid or incurred for the taxable year which is equal to the credit determined under subsection 7a74 7#c7 ,deduction for matching contribution ,for deductions for qualified matching contributions1 see section #afb4 7#d7 ,election not to claim credit ,this section shall not apply to a taxpayer for any taxable year if such taxpayer elects to have this section not apply for such taxable year4 4 7b7 ,conforming amendments 7#a7 ,in general ,subsection 7b7 of section #ch is amended by striking plus at the end of paragraph 7#ce71 by striking the period at the end of paragraph 7#cf7 and inserting 1 plus1 and by adding at the end the following new paragraph3 7#cg7 the student loan program startup costs credit determined under section #de,s7a74 4 7#b7 ,deduction for ,unused ,credit ,subsection 7c7 of section #aif is amended by striking and at the end of paragraph 7#ac71 by striking the period at the end of paragraph 7#ad7 and inserting 1 and1 and by adding at the end the following new paragraph3 7#ae7 the student loan program startup costs credit determined under section #de,s7a74 4 7c7 ,clerical ,amendment ,the table of sections for subpart ,d of part ,,iv of subchapter ,a of chapter #a is amended by adding at the end the following new item3 ,sec4 #de,s4 ,student loan program startup costs credit4 4 7d7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4