,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #fee  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,janu>y #ag1 #bjai,ms4
 ,br[nley ( ,cali=nia introduc$ ! foll[+
 bill2 :i* 0 ref]r$ to ! ,committee on  
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to all[ a
 cr$it = employ]s provid+ /ud5t loan    
paym5t assi/ance = employees4  #a4 ,%ort
 title ,?is ,act may be cit$ z ! ,/ud5t 
,loan ,repaym5t ,assi/ance ,act ( #bjai4
  #b4 ,/ud5t loan repaym5t program 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,t4  
,/ud5t loan repaym5t program cr$it  7a7 
,9 g5]al ,= purposes ( section #ch1 !   
employ]-provid$ /ud5t loan repaym5t     
cr$it det]m9$ "u ?is section = ! taxable
 ye> is an am\nt equal to #aj p]c5t (   
all qualifi$ /ud5t loan repaym5ts ( !   
taxpay] = su* taxable ye>4  7b7         
,qualifi$ /ud5t loan repaym5t ,=        
purposes ( ?is section1 ! t]m qualifi$  

/ud5t loan repaym5t means1 ) respect to 
any employee ( an employ]1 s mu* ( !    
am\nts paid "u a /ud5t loan repaym5t    
program by ! employ] on behalf ( su*    
employee z does n exce$ #ejj p] mon?4   
7c7 ,/ud5t loan repaym5t program ,=     
purposes ( ?is section-- 7#a7 ,9 g5]al  
,a /ud5t loan repaym5t program is a     
sep>ate writt5 plan ( an employ] = !    
exclusive b5efit ( 8 employees to       
provide su* employees ) /ud5t loan      
paym5t assi/ance :i* meets ! requirem5ts
 ( p>agraphs 7#b7 ?r\gh 7#e74  7#b7     
,direct paym5t = employee education     
loans ,a plan meets ! requirem5ts ( ?is 
p>agraph if paym5ts "u ! plan are made  
on behalf ( ! employee directly to !    
l5d] or loan s]vic] ( a qualifi$        
education loan 7z def9$ 9 section       
#bba7;d77 :i* 0 incurr$ by ! employee & 
is attributable to education furni%$ to 
su* employee4  7#c7 ,p>ticipation &     
non-discrim9ation ,a plan meets !       
requirem5ts ( ?is p>agraph if ! employ] 
makes ! program 7& assi/ance provid$    

!reund]7 widely available to employees  
7det]m9$ "u su* regulations z !         
,secret>y %all prescribe to prev5t plans
 f discrim9at+ 9 favor ( employees :o   
are highly comp5sat$ employees 7)9 !    
mean+ ( section #dad7q7774  7#d7        
,reports ,a plan meets ! requirem5ts (  
?is p>agraph if1 = any taxable ye> = :i*
 a cr$it is all[$ "u ?is section1 !     
employ] reports to ! ,secret>y 7at su*  
"t & 9 su* =m & mann] z ! ,secret>y may 
prescribe7 ! numb] ( employees utiliz+ !
 plan1 ! numb] ( employees eligible to  
p>ticipate 9 ! plan1 & ! t]ms ( su*     
plan4  7#e7 ,notice ,a plan meets !     
requirem5ts ( ?is p>agraph if reasonable
 notification ( ! availability & t]ms ( 
! program are provid$ to all eligible   
employees4  4  7b7 ,cr$it made "p (     
g5]al bus9ess cr$it ,section #ch7;b7 (  
su* ,code is am5d$ by /rik+ plus at !   
end ( p>agraph 7#ca71 by /rik+ ! p]iod  
at ! end ( p>agraph 7#cb7 & ins]t+ 1    
plus1 & by add+ at ! end ! foll[+ new   
p>agraph3  7#cc7 ! employ]-provid$ /ud5t

 loan repaym5t cr$it det]m9$ "u section 
#de,t7a74  4  7c7 ,cr$it refundable =   
c]ta9 small employ]s  7#a7 ,9 g5]al     
,section #ch7;c7 ( su* ,code is am5d$ by
 r$esignat+ p>agraph 7#f7 z p>agraph    
7#g7 & by ins]t+ aft] p>agraph 7#e7 !   
foll[+ new p>agraph3  7#f7 ,special     
rules = employ]-provid$ /ud5t loan      
repaym5t cr$it  7,a7 ,9 g5]al ,9 ! case 
( ! employ]-provid$ /ud5t loan repaym5t 
cr$it det]m9$ "u section #de,t7a7 )     
respect to a specifi$ small bus9ess or  
any organization exempt f tax "u section
 #eja7;a7--  7i7 ?is section & section  
#ci %all be appli$ sep>ately ) respect  
to su* cr$its1  7ii7 9 apply+ p>agraph  
7#a7 to su* cr$its--  7,i7 ! t5tative   
m9imum tax %all be treat$ z be+ z]o1 &  
7,,ii7 ! limitation "u p>agraph 7#a7 7z 
modifi$ by subclause 7,i77 %all be r$uc$
 by ! cr$it all[$ "u subsection 7a7 = ! 
taxable ye> 7o!r ?an ! employ]-provid$  
/ud5t loan repaym5t cr$it71 &  7iii7 !  
am\nt ( su* cr$its 9 excess ( !         
limitation "u p>agraph 7#a7 7z modifi$  

by subp>agraph 7,b77ii77 %all be treat$ 
z a cr$it "u subp>t ,c4  7,b7 ,specifi$ 
small bus9ess ,= purposes ( ?is         
p>agraph1 ! t]m specifi$ small bus9ess  
means-- 7i7 an eligible small bus9ess   
7det]m9$ by sub/itut+ #e1jjj1jjj =      
#ej1jjj1jjj 9 p>agraph 7#e77;,c771 or   
7ii7 a corporation1 p>tn]%ip1 or sole   
proprietor%ip :i* dur+ ! prec$+ taxable 
ye> employ$ n m ?an #ajj full-"t        
employees4  ,= purposes ( clause 7ii71  
an employee %all be consid]$ full-"t if 
su* employee is employ$ at lea/ #cj h\rs
 p] week = #bj or m cal5d> weeks 9 !    
taxable ye> & all memb]s ( ! same       
controll$ gr\p ( corporations 7)9 !     
mean+ ( section #eb7;a77 & all p]sons "u
 common control 7)9 ! mean+ ( section   
#eb7;b77 %all be treat$ z #a p]son4  4  
7#b7 ,con=m+ am5dm5ts  7,a7 ,section    
#ch7;c77#b77;,a77ii77,,ii7 ( su* ,code  
is am5d$ by /rik+ & ! specifi$ cr$its & 
ins]t+ ! specifi$ cr$its1 & !           
employ]-provid$ /ud5t loan repaym5t     
cr$it det]m9$ "u section #de,t7a74  7,b7

 ,section #ch7;c77#d77;,a77ii77,,ii7 (  
su* ,code is am5d$ by ins]t+ & !        
employ]-provid$ /ud5t loan repaym5t     
cr$it det]m9$ "u section #de,t7a7 aft]  
specifi$ cr$its4  7,c7 ,section         
#acbd7;b77#b7 ( title #ca1 ,unit$ ,/ates
 ,code1 is am5d$ by ins]t+ #ch7;c77#f71 
aft] #cf;,b14  7d7 ,cl]ical am5dm5t ,!  
table ( sections = subp>t ,d ( "p ,,iv (
 sub*apt] ,a ( *apt] #a ( su* ,code is  
am5d$ by add+ at ! end ! foll[+ new     
item3  ,sec #de,t4 ,/ud5t loan repaym5t 
program cr$it4  4  7e7 ,effective date  
,! am5dm5ts made by ?is section %all    
apply to taxable ye>s beg9n+ aft] ! date
 ( ! enactm5t ( ?is ,act4