113 HR 5239 IH: To amend the Internal Revenue Code of 1986 to exclude from gross income any discharge of student loan indebtedness. U.S. House of Representatives 2014-07-29 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 113th CONGRESS 2d Session H. R. 5239 IN THE HOUSE OF REPRESENTATIVES July 29, 2014 Mr. Pocan (for himself, Ms. Wilson of Florida, Ms. Bonamici, Mr. Vargas, Mr. McGovern, and Mr. Sarbanes) 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 exclude from gross income any discharge of student loan indebtedness.

1.

Exclusion from gross income for discharge of student loan indebtedness

(a)

In general

Paragraph (1) of section 108(f) of the Internal Revenue Code of 1986 is amended to read as follows: (1)

In general

In the case of an individual, gross income does not include any amount which (but for this subsection) would be includible in gross income by reason of the discharge (in whole or in part) of any student loan if such discharge was pursuant to— (A)a provision of such loan under which all or part of the indebtedness of the individual would be discharged if the individual worked for a certain period of time in certain professions for any of a broad class of employers, (B)subsections (d)(1)(D) and (e)(7) of section 455 or section 493C(b)(7) of the Higher Education Act of 1965 (relating to income contingent and income-based repayment, respectively), (C)section 437 of the Higher Education Act of 1965, or (D)subsections (c)(1)(F) and (g) of section 464 of the Higher Education Act of 1965.. (b)

Student loans

Paragraph (2) of section 108(f) of such Code is amended by striking made by— and all that follows and inserting the following: . Such term includes indebtedness used to refinance indebtedness which qualifies as a student loan under the preceding sentence.. (c)

Effective date

The amendments made by this section shall apply to discharges of indebtedness after the date of the enactment of this Act.