US SB1425 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on May 13 2019 - 25% progression, died in committee
Action: 2019-05-13 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 13 2019 - 25% progression, died in committee
Action: 2019-05-13 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Expands several tax deductions for education expenses. Specifically, the bill includes provisions that (1) allow an unlimited tax deduction for student loan interest, (2) repeal the dollar limitation on the tax deduction for qualified tuition and related expenses and make such deduction permanent, (3) allow carryovers to succeeding taxable years of amounts of the deductions for student loan interest and qualified tuition and related expenses that exceed a taxpayer's taxable income, and (4) repeal the dollar limitation on contributions to a Coverdell Education Savings Account.
Title
A bill to amend the Internal Revenue Code of 1986 to expand the deduction for interest on education loans, to extend and expand the deduction for qualified tuition and related expenses, and eliminate the limitation on contributions to Coverdell education savings accounts.
Sponsors
Sen. Rand Paul [R-KY] |
History
Date | Chamber | Action |
---|---|---|
2019-05-13 | Senate | Read twice and referred to the Committee on Finance. |
Subjects
Higher education
Income tax deductions
Interest, dividends, interest rates
Student aid and college costs
Taxation
Income tax deductions
Interest, dividends, interest rates
Student aid and college costs
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/1425/all-info |
Text | https://www.congress.gov/116/bills/s1425/BILLS-116s1425is.pdf |