,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #gecf  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,febru>y #ab1         
#bjbf,mr4 ,goldman ( ,new ,york 7=      
himself1 ,ms4 ,jacobs1 ,mr4 ,g>cia (    
,cali=nia1 ,ms4 ,norton1 ,mr4 ,figures1 
& ,ms4 ,p+ree7 introduc$ ! foll[+ bill2 
:i* 0 ref]r$ to ! ,committee on ,ways & 
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to exp& ! d$uction
 = /ud5t loan int]e/ to include paym5ts 
t[>d pr9cipal1 & to increase ! value ( !
 d$uction4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,g5]at+ ,relief =       
,academic ,debt ,us+ ,assi/$ ,tax       
,effici5cy ,act or ! ,,graduate ,act4   
#b4 ,education loan d$uction  7a7 ,9    
g5]al ,section #bba ( ! ,int]nal ,rev5ue
 ,code ( #aihf is am5d$--  7#a7 9 !     
head+1 by /rik+ ,int]e/ on education    
loans & ins]t+ ,education loans1  7#b7  
by am5d+ subsection 7a7 to read z       
foll[s3  7a7 ,all[ance ( d$uction ,9 !  
case ( an individual1 !re %all be all[$ 
z a d$uction = ! taxable ye> an am\nt   

equal to ! am\nts paid by ! taxpay] dur+
 ! taxable ye> on any qualifi$ education
 loan4  1  7#c7 by am5d+ subsection 7b7 
to read z foll[s3  7b7 ,maximum d$uction
  7#a7 ,9 g5]al ,except z provid$ 9     
p>agraph 7#b71 ! d$uction all[$ by      
subsection 7a7 = ! taxable ye> %all n   
exce$ an am\nt equal to ! sum (-- 7,a7  
#aj1jjj1 plus  7,b7 #ejj multipli$ by ! 
numb] ( dep5d5ts ( ! taxpay] = su*      
taxable ye>4  7#b7 ,limitation bas$ on  
modifi$ adju/$ gross income  7,a7 ,9    
g5]al ,! am\nt :i* w\ld 7b = ?is        
p>agraph7 be all[able z a d$uction "u   
?is section %all be r$uc$ 7b n bel[ z]o7
 by ! am\nt det]m9$ "u subp>agraph 7,b74
  7,b7 ,am\nt ( r$uction ,! am\nt       
det]m9$ "u ?is subp>agraph is ! am\nt   
:i* be>s ! same ratio to ! am\nt :i*    
w\ld be s tak5 into acc\nt z-- 7i7 !    
excess (--  7,i7 ! taxpay]'s modifi$    
adju/$ gross income = su* taxable ye>1  
ov]  7,,ii7 #abe1jjj 7#bej1jjj 9 ! case 
( a jo9t return71 be>s to  7ii7 #be1jjj 
7#ej1jjj 9 ! case ( a jo9t return74     

7,c7 ,modifi$ adju/$ gross income ,! t]m
 modifi$ adju/$ gross income means      
adju/$ gross income det]m9$--  7i7 )\t  
reg>d to ?is section & sections #he7;c71
 #iaa1 #ica1 & #icc1 &  7ii7 aft]       
application ( sections #hf1 #ace1 #acg1 
#bai1 & #dfi4  1 &  7#d7 9 subsection   
7f77#a7-- 7,a7 by /rik+ aft] #bjjb &    
ins]t+ aft] #bjbf1  7,b7 by /rik+       
#ej1jjj & #ajj1jjj & ins]t+ #abe1jjj &  
#bej1jjj1 &  7,c7 9 subp>agraph 7,b71 by
 /rik+ cal5d> ye> #bjja & ins]t+ cal5d> 
ye> #bjbe4  7b7 ,con=m+ am5dm5t ,section
 #fb7;a77#ag7 ( su* ,code is am5d$ to   
read z foll[s3  7#ag7 ,education loan   
paym5ts ,! d$uction all[$ by section    
#bba4  4  7c7 ,effective date ,! am5dm5t
 made by ?is section %all apply to      
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjbe4