H.R.1033 - Student Loan Interest Full Deductibility Act109th Congress (2005-2006)
Text: H.R.1033 — 109th Congress (2005-2006)
There is one version of the bill.
Introduced in House (03/01/2005)
[Congressional Bills 109th Congress] [From the U.S. Government Printing Office] [H.R. 1033 Introduced in House (IH)] 109th CONGRESS 1st Session H. R. 1033 To amend the Internal Revenue Code of 1986 to repeal the limitations on the maximum amount of the deduction of interest on education loans. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES March 1, 2005 Mr. Wu (for himself, Mr. Hastings of Florida, Mr. McGovern, Mr. Brown of Ohio, Ms. Lee, Mr. Gonzalez, Mr. Towns, Mr. Brady of Pennsylvania, Mr. Cummings, Ms. Kilpatrick of Michigan, Mr. Wexler, Mr. Kennedy of Rhode Island, and Ms. McCollum of Minnesota) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to repeal the limitations on the maximum amount of the deduction of interest on education loans. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Student Loan Interest Full Deductibility Act''. SEC. 2. REPEAL OF LIMITATIONS ON MAXIMUM AMOUNT OF DEDUCTION OF INTEREST ON EDUCATION LOANS. (a) In General.--Section 221 of the Internal Revenue Code of 1986 (relating to maximum deduction) is amended-- (1) by striking subsections (b) and (f), and (2) by redesignating subsections (c), (d), and (e) as subsections (b), (c), and (d), respectively. (b) Conforming Amendment.--Section 6050S(e) of such Code is amended by striking ``section 221(d)(1)'' and inserting ``section 221(c)(1)''. (c) Effective Date.--The amendment made by this section shall apply to payments made in taxable years beginning after December 31, 2004.