,,ii  #aafth ,,congress  #ast ,session  
,s4 #adbe  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #ac1      
#bjai,mr4 ,paul introduced the following
 bill2 which was read twice and referred
 to the ,committee on ,finance  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to expand the deduction 
for interest on education loans1 to     
extend and expand the deduction for     
qualified tuition and related expenses1 
and eliminate the limitation on         
contributions to ,coverdell education   
savings accounts4  #a4 ,expansion of    
deduction for interest on education     
loans  7a7 ,elimination of cap on       
deduction ,section #bba of the ,internal
 ,revenue ,code of #aihf is amended by  
striking subsections 7b7 and 7f74  7b7  
,carryover of excess interest ,section  
#bba of the ,internal ,revenue ,code of 
#aihf1 as amended by subsection 7a71 is 
amended by inserting after subsection   
7a7 the following new subsection3  7b7  
,carryover ,if the amount of the        

deduction allowable under subsection 7a7
 exceeds the taxable income of the      
taxpayer for the taxable year           
7determined without regard to this      
section and section #bbb71 then an      
amount equal to such excess shall be    
treated as interest paid by the taxpayer
 in the succeeding taxable year on a    
qualified education loan4  4  7c7       
,effective date ,the amendments made by 
this section shall apply to taxable     
years beginning after the date of the   
enactment of this ,act4  #b4 ,expansion 
of deduction for qualified tuition and  
related expenses  7a7 ,elimination of   
dollar limitation2 carryover of excess  
expenses  7#a7 ,in general ,subsection  
7b7 of section #bbb of the ,internal    
,revenue ,code of #aihf is amended to   
read as follows3  7b7 ,carryover ,if the
 amount of the deduction allowable under
 subsection 7a7 exceeds the taxable     
income of the taxpayer for the taxable  
year 7determined without regard to this 
section71 then an amount equal to such  

excess shall be treated as qualified    
tuition and related expenses paid by the
 taxpayer in the succeeding taxable     
year4  4  7#b7 ,conforming amendment    
,paragraph 7#c7 of section #bbb7;d7 of  
such ,code is amended by striking       
deduction4-- and inserting              
deduction4--,except as provided in      
subsection 7b7--4  7b7 ,permanent       
extension ,section #bbb of the ,internal
 ,revenue ,code of #aihf is amended by  
striking subsection 7e74  7c7 ,effective
 date ,the amendments made by this      
section shall apply to taxable years    
beginning after ,december #ca1 #bjag4   
#c4 ,expansion of rules for ,coverdell  
education savings accounts  7a7         
,elimination of contribution limitation 
7#a7 ,in general ,section               
#ecj7;b77#a77;,a7 of the ,internal      
,revenue ,code of #aihf is amended by   
inserting or at the end of clause 7i71  
by striking 1 or at the end of clause   
7ii7 and inserting a period1 and by     
striking clause 7iii74  7#b7 ,conforming

 amendment ,section #ecj of such ,code  
is amended by striking subsection 7c74  
7b7 ,effective date ,the amendments made
 by this section shall apply to         
contributions made in taxable years     
beginning after the date of the         
enactment of this ,act4