,i #aafth ,,congress #ast ,session ,h4 ,r4 #fee ,,in ,,the ,,house ,,of ,,representatives ,january #ag1 #bjai,ms4 ,brownley of ,california 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 allow a credit for employers providing student loan payment assistance for employees4 #a4 ,short title ,this ,act may be cited as the ,student ,loan ,repayment ,assistance ,act of #bjai4 #b4 ,student loan repayment program 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,t4 ,student loan repayment program credit 7a7 ,in general ,for purposes of section #ch1 the employer-provided student loan repayment credit determined under this section for the taxable year is an amount equal to #aj percent of all qualified student loan repayments of the taxpayer for such taxable year4 7b7 ,qualified student loan repayment ,for purposes of this section1 the term qualified student loan repayment means1 with respect to any employee of an employer1 so much of the amounts paid under a student loan repayment program by the employer on behalf of such employee as does not exceed #ejj per month4 7c7 ,student loan repayment program ,for purposes of this section-- 7#a7 ,in general ,a student loan repayment program is a separate written plan of an employer for the exclusive benefit of his employees to provide such employees with student loan payment assistance which meets the requirements of paragraphs 7#b7 through 7#e74 7#b7 ,direct payment for employee education loans ,a plan meets the requirements of this paragraph if payments under the plan are made on behalf of the employee directly to the lender or loan servicer of a qualified education loan 7as defined in section #bba7;d77 which was incurred by the employee and is attributable to education furnished to such employee4 7#c7 ,participation and non-discrimination ,a plan meets the requirements of this paragraph if the employer makes the program 7and assistance provided thereunder7 widely available to employees 7determined under such regulations as the ,secretary shall prescribe to prevent plans from discriminating in favor of employees who are highly compensated employees 7within the meaning of section #dad7q7774 7#d7 ,reports ,a plan meets the requirements of this paragraph if1 for any taxable year for which a credit is allowed under this section1 the employer reports to the ,secretary 7at such time and in such form and manner as the ,secretary may prescribe7 the number of employees utilizing the plan1 the number of employees eligible to participate in the plan1 and the terms of such plan4 7#e7 ,notice ,a plan meets the requirements of this paragraph if reasonable notification of the availability and terms of the program are provided to all eligible employees4 4 7b7 ,credit made part of general business credit ,section #ch7;b7 of such ,code is amended by striking plus at the end of paragraph 7#ca71 by striking the period at the end of paragraph 7#cb7 and inserting 1 plus1 and by adding at the end the following new paragraph3 7#cc7 the employer-provided student loan repayment credit determined under section #de,t7a74 4 7c7 ,credit refundable for certain small employers 7#a7 ,in general ,section #ch7;c7 of such ,code is amended by redesignating paragraph 7#f7 as paragraph 7#g7 and by inserting after paragraph 7#e7 the following new paragraph3 7#f7 ,special rules for employer-provided student loan repayment credit 7,a7 ,in general ,in the case of the employer-provided student loan repayment credit determined under section #de,t7a7 with respect to a specified small business or any organization exempt from tax under section #eja7;a7-- 7i7 this section and section #ci shall be applied separately with respect to such credits1 7ii7 in applying paragraph 7#a7 to such credits-- 7,i7 the tentative minimum tax shall be treated as being zero1 and 7,,ii7 the limitation under paragraph 7#a7 7as modified by subclause 7,i77 shall be reduced by the credit allowed under subsection 7a7 for the taxable year 7other than the employer-provided student loan repayment credit71 and 7iii7 the amount of such credits in excess of the limitation under paragraph 7#a7 7as modified by subparagraph 7,b77ii77 shall be treated as a credit under subpart ,c4 7,b7 ,specified small business ,for purposes of this paragraph1 the term specified small business means-- 7i7 an eligible small business 7determined by substituting #e1jjj1jjj for #ej1jjj1jjj in paragraph 7#e77;,c771 or 7ii7 a corporation1 partnership1 or sole proprietorship which during the preceding taxable year employed not more than #ajj full-time employees4 ,for purposes of clause 7ii71 an employee shall be considered full-time if such employee is employed at least #cj hours per week for #bj or more calendar weeks in the taxable year and all members of the same controlled group of corporations 7within the meaning of section #eb7;a77 and all persons under common control 7within the meaning of section #eb7;b77 shall be treated as #a person4 4 7#b7 ,conforming amendments 7,a7 ,section #ch7;c77#b77;,a77ii77,,ii7 of such ,code is amended by striking and the specified credits and inserting the specified credits1 and the employer-provided student loan repayment credit determined under section #de,t7a74 7,b7 ,section #ch7;c77#d77;,a77ii77,,ii7 of such ,code is amended by inserting and the employer-provided student loan repayment credit determined under section #de,t7a7 after specified credits4 7,c7 ,section #acbd7;b77#b7 of title #ca1 ,united ,states ,code1 is amended by inserting #ch7;c77#f71 after #cf;,b14 7d7 ,clerical amendment ,the table of sections for subpart ,d of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by adding at the end the following new item3 ,sec #de,t4 ,student loan repayment program credit4 4 7e7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4