,i #aae? ,,congress #a/ ,session ,h4 ,r4 #fae ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,janu>y #bc1 #bjag,mr4 ,ross introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to include /ud5t loan repay]s z memb]s ( t>get$ gr\ps = purposes ( ! "w opportunity cr$it & to provide = a cr$it aga9/ tax = /ud5t loan program />tup co/s4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,/ud5t ,loan ,repaym5t ,act ( #bjag4 #b4 ,inclusion ( /ud5t loan repay]s = purposes ( "w opportunity cr$it 7a7 ,9 g5]al ,section #ea7;d77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ or at ! end ( subp>agraph 7,i71 by /rik+ ! p]iod at ! end ( subp>agraph 7,j7 & ins]t+ 1 or1 & by add+ at ! end ! foll[+ new subp>agraph3 7,k7 a qualifi$ /ud5t loan repay]4 4 7b7 ,qualifi$ /ud5t loan repay] def9$ ,section #ea7;d7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#af7 ,qualifi$ /ud5t loan repay] ,! t]m qualifi$ /ud5t loan repay] means any individual :o is c]tifi$ by ! designat$ local ag5cy z-- 7,a7 hav+ at lea/ an associate's degree2 & 7,b7 hav+ out/&+ qualifi$ education loans 7z def9$ 9 section #bba7 ( n less ?an #aj1jjj4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to individuals :o beg9 "w = ! employ] aft] ! date ( ! enactm5t ( ?is ,act4 #c4 ,/ud5t loan program />tup co/s cr$it 7a7 ,9 g5]al ,subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #de,s4 ,/ud5t loan program />tup co/s cr$it 7a7 ,9 g5]al ,= purposes ( section #ch1 9 ! case ( an eligible employ]1 ! /ud5t loan program />tup co/s cr$it det]m9$ "u ?is section = any taxable ye> is an am\nt equal to #ej p]c5t ( ! qualifi$ />tup co/s paid or incurr$ by ! taxpay] dur+ ! taxable ye>4 7b7 ,doll> limitation ,! am\nt ( ! cr$it det]m9$ "u ?is section = any taxable ye> = a qualifi$ employ] %all n exce$-- 7#a7 = ! fir/ cr$it ye> & ea* ( ! #b taxable ye>s imm$iately foll[+ ! fir/ cr$it ye>1 ! product (-- 7,a7 #ejj1 multipli$ by 7,b7 ! numb] ( employees p>ticipat+ dur+ su* taxable ye> 9 an eligible employ] plan = :i* ! employ] is eligible = a cr$it "u ?is section1 & 7#b7 = any o!r taxable ye>1 z]o4 7c7 ,eligible employ] ,= purposes ( ?is section1 ! t]m eligible employ] means an employ] if su* employ]1 or any memb] ( any controll$ gr\p includ+ ! employ] 7or any pr$ecessor ( ei!r71 dur+ ! #c-taxable-ye> p]iod imm$iately prec$+ ! fir/ taxable ye> = :i* ! cr$it "u ?is section is o!rwise all[able = a qualifi$ employ] plan ( ! employ]1 has n e/abli%$ or ma9ta9$ a qualifi$ employ] plan ) respect to :i* contributions 7 made1 or b5efits 7 accru$1 = sub/antially ! same employees z are 9 ! qualifi$ employ] plan4 7d7 ,o!r def9itions ,= purposes ( ?is section-- 7#a7 ,qualifi$ />tup co/s 7,a7 ,9 g5]al ,! t]m qualifi$ />tup co/s means any ord9>y & necess>y exp5ses ( an eligible employ] :i* are paid or incurr$ 9 connection ) ! e/abli%m5t or adm9i/ration ( an eligible employ] plan4 ,su* t]m %all n include any paym5t made to1 or on behalf (1 any employee pursuant to su* plan4 7,b7 ,plan mu/ h at lea/ "o p>ticipant ,su* t]m %all n include any exp5se 9 connection ) a plan t does n h at lea/ "o employee eligible to p>ticipate :o is n a highly comp5sat$ employee4 7#b7 ,eligible employ] plan ,! t]m eligible employ] plan means a /ud5t loan repaym5t plan adm9i/]$ by an employ] ?r\gh :i* ! employ] provides1 = ea* employee = ea* ye>1 qualifi$ mat*+ contributions4 7#c7 ,qualifi$ mat*+ contribution ,! t]m qualifi$ mat*+ contribution means an employ] contribution made to an eligible employ] plan on behalf ( an employee on acc\nt ( an employee contribution made by su* employee if su* employ] contribution is at lea/ ! less] (-- 7,a7 ! am\nt ( su* employee contribution1 & 7,b7 #b1jjj4 7#d7 ,fir/ cr$it ye> ,! t]m fir/ cr$it ye> means-- 7,a7 ! taxable ye> :i* includes ! date t ! eligible employ] plan to :i* su* co/s relate becomes effective1 or 7,b7 at ! election ( ! eligible employ]1 ! taxable ye> prec$+ ! taxable ye> ref]r$ to 9 subp>agraph 7,a74 7e7 ,special rules ,= purposes ( ?is section-- 7#a7 ,aggregation rules ,all p]sons treat$ z a s+le employ] "u subsection 7a7 or 7b7 ( section #eb1 or subsection 7m7 or 7o7 ( section #dad1 %all be treat$ z "o p]son4 ,all eligible employ] plans %all be treat$ z "o eligible employ] plan4 7#b7 ,disall[ance ( d$uction ,no d$uction %all be all[$ = t portion ( ! qualifi$ />tup co/s paid or incurr$ = ! taxable ye> :i* is equal to ! cr$it det]m9$ "u subsection 7a74 7#c7 ,d$uction = mat*+ contribution ,= d$uctions = qualifi$ mat*+ contributions1 see section #afb4 7#d7 ,election n to claim cr$it ,?is section %all n apply to a taxpay] = any taxable ye> if su* taxpay] elects to h ?is section n apply = su* taxable ye>4 4 7b7 ,con=m+ am5dm5ts 7#a7 ,9 g5]al ,subsection 7b7 ( section #ch is am5d$ by /rik+ plus at ! end ( p>agraph 7#ce71 by /rik+ ! p]iod at ! end ( p>agraph 7#cf7 & ins]t+ 1 plus1 & by add+ at ! end ! foll[+ new p>agraph3 7#cg7 ! /ud5t loan program />tup co/s cr$it det]m9$ "u section #de,s7a74 4 7#b7 ,d$uction = ,unus$ ,cr$it ,subsection 7c7 ( section #aif is am5d$ by /rik+ & at ! end ( p>agraph 7#ac71 by /rik+ ! p]iod at ! end ( p>agraph 7#ad7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new p>agraph3 7#ae7 ! /ud5t loan program />tup co/s cr$it det]m9$ "u section #de,s7a74 4 7c7 ,cl]ical ,am5dm5t ,! table ( sections = subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #de,s4 ,/ud5t loan program />tup co/s cr$it4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4