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<bill bill-stage="Introduced-in-House" bill-type="olc" dms-id="HED0C3515CD654C7483C34162586C2277" key="H" public-private="public"><metadata xmlns:dc="http://purl.org/dc/elements/1.1/">
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<dc:title>115 HR 2477 IH: Bank on Students Emergency Loan Refinancing Act</dc:title>
<dc:publisher>U.S. House of Representatives</dc:publisher>
<dc:date>2017-05-17</dc:date>
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<dc:language>EN</dc:language>
<dc:rights>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.</dc:rights>
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<distribution-code display="yes">I</distribution-code><congress display="yes">115th CONGRESS</congress><session display="yes">1st Session</session><legis-num display="yes">H. R. 2477</legis-num><current-chamber>IN THE HOUSE OF REPRESENTATIVES</current-chamber><action display="yes"><action-date date="20170517">May 17, 2017</action-date><action-desc><sponsor name-id="C001069">Mr. Courtney</sponsor> (for himself, <cosponsor name-id="A000370">Ms. Adams</cosponsor>, <cosponsor name-id="A000371">Mr. Aguilar</cosponsor>, <cosponsor name-id="B001300">Ms. Barragán</cosponsor>, <cosponsor name-id="B001292">Mr. Beyer</cosponsor>, <cosponsor name-id="B000574">Mr. Blumenauer</cosponsor>, <cosponsor name-id="B001278">Ms. Bonamici</cosponsor>, <cosponsor name-id="B001296">Mr. Brendan F. Boyle of Pennsylvania</cosponsor>, <cosponsor name-id="B001285">Ms. Brownley of California</cosponsor>, <cosponsor name-id="B001286">Mrs. Bustos</cosponsor>, <cosponsor name-id="C001112">Mr. Carbajal</cosponsor>, <cosponsor name-id="C001090">Mr. Cartwright</cosponsor>, <cosponsor name-id="C001066">Ms. Castor of Florida</cosponsor>, <cosponsor name-id="C001080">Ms. Judy Chu of California</cosponsor>, <cosponsor name-id="C001084">Mr. Cicilline</cosponsor>, <cosponsor name-id="C001068">Mr. Cohen</cosponsor>, <cosponsor name-id="C001078">Mr. Connolly</cosponsor>, <cosponsor name-id="C001110">Mr. Correa</cosponsor>, <cosponsor name-id="C000984">Mr. Cummings</cosponsor>, <cosponsor name-id="D000191">Mr. DeFazio</cosponsor>, <cosponsor name-id="D000197">Ms. DeGette</cosponsor>, <cosponsor name-id="D000216">Ms. DeLauro</cosponsor>, <cosponsor name-id="D000617">Ms. DelBene</cosponsor>, <cosponsor name-id="D000623">Mr. DeSaulnier</cosponsor>, <cosponsor name-id="D000624">Mrs. Dingell</cosponsor>, <cosponsor name-id="E000215">Ms. Eshoo</cosponsor>, <cosponsor name-id="E000293">Ms. Esty of Connecticut</cosponsor>, <cosponsor name-id="E000296">Mr. Evans</cosponsor>, <cosponsor name-id="F000454">Mr. Foster</cosponsor>, <cosponsor name-id="G000551">Mr. Grijalva</cosponsor>, <cosponsor name-id="G000535">Mr. Gutiérrez</cosponsor>, <cosponsor name-id="H001050">Ms. Hanabusa</cosponsor>, <cosponsor name-id="H000324">Mr. Hastings</cosponsor>, <cosponsor name-id="H000874">Mr. Hoyer</cosponsor>, <cosponsor name-id="J000298">Ms. Jayapal</cosponsor>, <cosponsor name-id="J000288">Mr. Johnson of Georgia</cosponsor>, <cosponsor name-id="K000380">Mr. Kildee</cosponsor>, <cosponsor name-id="L000559">Mr. Langevin</cosponsor>, <cosponsor name-id="L000557">Mr. Larson of Connecticut</cosponsor>, <cosponsor name-id="L000581">Mrs. Lawrence</cosponsor>, <cosponsor name-id="L000586">Mr. Lawson of Florida</cosponsor>, <cosponsor name-id="L000263">Mr. Levin</cosponsor>, <cosponsor name-id="L000565">Mr. Loebsack</cosponsor>, <cosponsor name-id="L000579">Mr. Lowenthal</cosponsor>, <cosponsor name-id="L000480">Mrs. Lowey</cosponsor>, <cosponsor name-id="L000570">Mr. Ben Ray Luján of New Mexico</cosponsor>, <cosponsor name-id="L000580">Ms. Michelle Lujan Grisham of New Mexico</cosponsor>, <cosponsor name-id="L000562">Mr. Lynch</cosponsor>, <cosponsor name-id="M000087">Mrs. Carolyn B. Maloney of New York</cosponsor>, <cosponsor name-id="M001185">Mr. Sean Patrick Maloney of New York</cosponsor>, <cosponsor name-id="M001163">Ms. Matsui</cosponsor>, <cosponsor name-id="M000312">Mr. McGovern</cosponsor>, <cosponsor name-id="M001196">Mr. Moulton</cosponsor>, <cosponsor name-id="N000188">Mr. Norcross</cosponsor>, <cosponsor name-id="N000147">Ms. Norton</cosponsor>, <cosponsor name-id="O000170">Mr. O'Rourke</cosponsor>, <cosponsor name-id="P000604">Mr. Payne</cosponsor>, <cosponsor name-id="P000593">Mr. Perlmutter</cosponsor>, <cosponsor name-id="P000597">Ms. Pingree</cosponsor>, <cosponsor name-id="R000606">Mr. Raskin</cosponsor>, <cosponsor name-id="R000602">Miss Rice of New York</cosponsor>, <cosponsor name-id="R000577">Mr. Ryan of Ohio</cosponsor>, <cosponsor name-id="S001177">Mr. Sablan</cosponsor>, <cosponsor name-id="S001156">Ms. Sánchez</cosponsor>, <cosponsor name-id="S001145">Ms. Schakowsky</cosponsor>, <cosponsor name-id="S001150">Mr. Schiff</cosponsor>, <cosponsor name-id="S000185">Mr. Scott of Virginia</cosponsor>, <cosponsor name-id="S000248">Mr. Serrano</cosponsor>, <cosponsor name-id="S001170">Ms. Shea-Porter</cosponsor>, <cosponsor name-id="S000344">Mr. Sherman</cosponsor>, <cosponsor name-id="S000480">Ms. Slaughter</cosponsor>, <cosponsor name-id="S001200">Mr. Soto</cosponsor>, <cosponsor name-id="S001193">Mr. Swalwell of California</cosponsor>, <cosponsor name-id="T000468">Ms. Titus</cosponsor>, <cosponsor name-id="T000474">Mrs. Torres</cosponsor>, <cosponsor name-id="T000465">Ms. Tsongas</cosponsor>, <cosponsor name-id="V000081">Ms. Velázquez</cosponsor>, <cosponsor name-id="V000108">Mr. Visclosky</cosponsor>, <cosponsor name-id="W000797">Ms. Wasserman Schultz</cosponsor>, <cosponsor name-id="W000800">Mr. Welch</cosponsor>, <cosponsor name-id="Y000062">Mr. Yarmuth</cosponsor>, <cosponsor name-id="E000179">Mr. Engel</cosponsor>, <cosponsor name-id="P000607">Mr. Pocan</cosponsor>, <cosponsor name-id="D000620">Mr. Delaney</cosponsor>, <cosponsor name-id="C001101">Ms. Clark of Massachusetts</cosponsor>, <cosponsor name-id="C001037">Mr. Capuano</cosponsor>, <cosponsor name-id="K000379">Mr. Kennedy</cosponsor>, <cosponsor name-id="N000015">Mr. Neal</cosponsor>, <cosponsor name-id="K000381">Mr. Kilmer</cosponsor>, <cosponsor name-id="K000188">Mr. Kind</cosponsor>, <cosponsor name-id="C000714">Mr. Conyers</cosponsor>, <cosponsor name-id="S001185">Ms. Sewell of Alabama</cosponsor>, <cosponsor name-id="D000482">Mr. Michael F. Doyle of Pennsylvania</cosponsor>, <cosponsor name-id="B001227">Mr. Brady of Pennsylvania</cosponsor>, <cosponsor name-id="C001061">Mr. Cleaver</cosponsor>, <cosponsor name-id="J000294">Mr. Jeffries</cosponsor>, <cosponsor name-id="K000375">Mr. Keating</cosponsor>, <cosponsor name-id="K000009">Ms. Kaptur</cosponsor>, <cosponsor name-id="D000598">Mrs. Davis of California</cosponsor>, <cosponsor name-id="B001270">Ms. Bass</cosponsor>, <cosponsor name-id="D000399">Mr. Doggett</cosponsor>, <cosponsor name-id="F000455">Ms. Fudge</cosponsor>, <cosponsor name-id="K000382">Ms. Kuster of New Hampshire</cosponsor>, <cosponsor name-id="L000287">Mr. Lewis of Georgia</cosponsor>, <cosponsor name-id="M001160">Ms. Moore</cosponsor>, <cosponsor name-id="P000096">Mr. Pascrell</cosponsor>, <cosponsor name-id="T000460">Mr. Thompson of California</cosponsor>, <cosponsor name-id="V000130">Mr. Vargas</cosponsor>, <cosponsor name-id="H001064">Mr. Heck</cosponsor>, <cosponsor name-id="P000034">Mr. Pallone</cosponsor>, <cosponsor name-id="C001097">Mr. Cárdenas</cosponsor>, <cosponsor name-id="T000193">Mr. Thompson of Mississippi</cosponsor>, <cosponsor name-id="P000523">Mr. Price of North Carolina</cosponsor>, <cosponsor name-id="N000127">Mr. Nolan</cosponsor>, <cosponsor name-id="S001175">Ms. Speier</cosponsor>, <cosponsor name-id="T000472">Mr. Takano</cosponsor>, <cosponsor name-id="W000808">Ms. Wilson of Florida</cosponsor>, <cosponsor name-id="E000288">Mr. Ellison</cosponsor>, <cosponsor name-id="C001067">Ms. Clarke of New York</cosponsor>, <cosponsor name-id="H001068">Mr. Huffman</cosponsor>, <cosponsor name-id="C001072">Mr. Carson of Indiana</cosponsor>, <cosponsor name-id="L000397">Ms. Lofgren</cosponsor>, <cosponsor name-id="W000799">Mr. Walz</cosponsor>, and <cosponsor name-id="S001168">Mr. Sarbanes</cosponsor>) introduced the following bill; which was referred to the <committee-name committee-id="HED00">Committee on Education and the Workforce</committee-name>, and in addition to the Committees on <committee-name committee-id="HWM00">Ways and Means</committee-name>, and <committee-name committee-id="HBU00">the Budget</committee-name>, for a period to be subsequently determined by the Speaker, in each case for consideration of such
			 provisions as fall within the jurisdiction of the committee concerned</action-desc></action><legis-type>A BILL</legis-type><official-title display="yes">To amend the Higher Education Act of 1965 to provide for the refinancing of certain Federal student
			 loans, and for other purposes.</official-title></form>
	<legis-body id="HED19F3AA58F24F7DBA864FE5CFC4B6C9" style="OLC">
 <section id="H682E0D06C1104A5284A06202ECD14EFD" section-type="section-one"><enum>1.</enum><header>Short title</header><text display-inline="no-display-inline">This Act may be cited as the <quote><short-title>Bank on Students Emergency Loan Refinancing Act</short-title></quote>.</text> </section><title id="H8CD3A6A828B346D59E3A6B47DB427AC9" style="OLC"><enum>I</enum><header>Refinancing Programs</header> <section id="H32865F3D6634449591972C0546961108"><enum>101.</enum><header>Refinancing programs</header> <subsection id="HB77C6BD0CBF04E7AA8C6061629FEA622"><enum>(a)</enum><header>Program authority</header><text>Section 451(a) of the Higher Education Act of 1965 (<external-xref legal-doc="usc" parsable-cite="usc/20/1087a">20 U.S.C. 1087a(a)</external-xref>) is amended—</text>
 <paragraph id="H3A19CA37B1E640DF94C851347081664C"><enum>(1)</enum><text>by striking <quote>and (2)</quote> and inserting <quote>(2)</quote>; and</text> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="HFA2A3563B54744058773BFE59677267A"><enum>(2)</enum><text>by inserting <quote>; and (3) to make loans under section 460A and section 460B</quote> after <quote>section 459A</quote>.</text>
 </paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H1A127F3343B44666A0D41A706AE79ED3"><enum>(b)</enum><header>Refinancing Program</header><text>Part D of title IV of the Higher Education Act of 1965 (<external-xref legal-doc="usc" parsable-cite="usc/20/1087a">20 U.S.C. 1087a</external-xref> et seq.) is amended by adding at the end the following:</text>
					<quoted-block display-inline="no-display-inline" id="HED1431F3B77C43AA8FF016895E608DB5" style="OLC">
						<section id="HD836B1DBA39A4677A8DAE9ABFD9AAA8C"><enum>460A.</enum><header>Refinancing FFEL and Federal Direct Loans</header>
 <subsection id="H289E72CFF333474E8671EF4038DE64B8"><enum>(a)</enum><header>In general</header><text>Beginning not later than 180 days after the date of enactment of the <short-title>Bank on Students Emergency Loan Refinancing Act</short-title>, the Secretary shall establish a program under which the Secretary, upon the receipt of an application from a qualified borrower, makes a loan under this part, in accordance with the provisions of this section, in order to permit the borrower to obtain the interest rate provided under subsection (c).</text>
							</subsection><subsection id="H92EBD2CAA8F7498E9CDEB4B546CF2523"><enum>(b)</enum><header>Refinancing Direct Loans</header>
 <paragraph id="HBACD1A37C89845748A3FBF83222A2129"><enum>(1)</enum><header>Federal Direct Loans</header><text>Upon application of a qualified borrower, the Secretary shall repay a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, a Federal Direct PLUS Loan, or a Federal Direct Consolidation Loan of the qualified borrower, for which the first disbursement was made, or the application for the consolidation loan was received, before July 1, 2017, with the proceeds of a refinanced Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, a Federal Direct PLUS Loan, or a Federal Direct Consolidation Loan, respectively, issued to the borrower in an amount equal to the sum of the unpaid principal, accrued unpaid interest, and late charges of the original loan.</text>
 </paragraph><paragraph id="HEC92A32F2B424A9FB7EA08680B825F7A"><enum>(2)</enum><header>Refinancing FFEL program loans as refinanced Federal Direct Loans</header><text>Upon application of a qualified borrower for any loan that was made, insured, or guaranteed under part B and for which the first disbursement was made, or the application for the consolidation loan was received, before July 1, 2010, the Secretary shall make a loan under this part, in an amount equal to the sum of the unpaid principal, accrued unpaid interest, and late charges of the original loan to the borrower in accordance with the following:</text>
 <subparagraph id="HE4563139330542FEB55C2156BF8116A7"><enum>(A)</enum><text>The Secretary shall pay the proceeds of such loan to the eligible lender of the loan made, insured, or guaranteed under part B, in order to discharge the borrower from any remaining obligation to the lender with respect to the original loan.</text>
 </subparagraph><subparagraph id="HD6897D1C2BF0448690358294CDFF4700"><enum>(B)</enum><text>A loan made under this section that was originally—</text> <clause id="H14D8F925951145BABA29D0433D406D02"><enum>(i)</enum><text>a loan originally made, insured, or guaranteed under section 428 shall be a Federal Direct Stafford Loan;</text>
 </clause><clause id="H36F5516296D04CD495AFFB3484A4CD30"><enum>(ii)</enum><text>a loan originally made, insured, or guaranteed under section 428B shall be a Federal Direct PLUS Loan;</text>
 </clause><clause id="HDE6282F066D4427DB4C384CA8CE615E2"><enum>(iii)</enum><text>a loan originally made, insured, or guaranteed under section 428H shall be a Federal Direct Unsubsidized Stafford Loan; and</text>
 </clause><clause id="H5548FDA4272B4A6399DE579108FE8A30"><enum>(iv)</enum><text>a loan originally made, insured, or guaranteed under section 428C shall be a Federal Direct Consolidation Loan.</text>
 </clause></subparagraph><subparagraph id="H41A8EA5454744384850C849650EB07C9"><enum>(C)</enum><text>The interest rate for each loan made by the Secretary under this paragraph shall be the rate provided under subsection (c).</text>
									</subparagraph></paragraph></subsection><subsection id="HFC54C9DC5C7B4F47870C1822A4274CF4"><enum>(c)</enum><header>Interest rates</header>
 <paragraph commented="no" display-inline="no-display-inline" id="H51059F47A9FE42C3B2E0BB984F4F40E0"><enum>(1)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">The interest rate for the refinanced Federal Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans, Federal Direct PLUS Loans, and Federal Direct Consolidation Loans, shall be a rate equal to—</text>
 <subparagraph commented="no" display-inline="no-display-inline" id="H356D0E29EBAC4B99A2ECDCD663D141BD"><enum>(A)</enum><text display-inline="yes-display-inline">in any case where the original loan was a loan under section 428 or 428H, a Federal Direct Stafford loan, or a Federal Direct Unsubsidized Stafford Loan, that was issued to an undergraduate student, a rate equal to the rate for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans issued to undergraduate students for the 12-month period beginning on July 1, 2016, and ending on June 30, 2017;</text>
 </subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H1FD1BEFB85A840EC9F78E2CD94E57206"><enum>(B)</enum><text display-inline="yes-display-inline">in any case where the original loan was a loan under section 428 or 428H, a Federal Direct Stafford Loan, or a Federal Direct Unsubsidized Stafford Loan, that was issued to a graduate or professional student, a rate equal to the rate for Federal Direct Unsubsidized Stafford Loans issued to graduate or professional students for the 12-month period beginning on July 1, 2016, and ending on June 30, 2017;</text>
 </subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HA24FECC4AF2D417DAFAE35261155A890"><enum>(C)</enum><text>in any case where the original loan was a loan under section 428B or a Federal Direct PLUS Loan, a rate equal to the rate for Federal Direct PLUS Loans for the 12-month period beginning on July 1, 2016, and ending on June 30, 2017; and</text>
 </subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HBFD8BAD0D6D946BB956FA4C73F629A19"><enum>(D)</enum><text>in any case where the original loan was a loan under section 428C or a Federal Direct Consolidation Loan, a rate calculated in accordance with paragraph (2).</text>
									</subparagraph></paragraph><paragraph id="H8E6EB5363CCF4F8DBA825957AA556F0F"><enum>(2)</enum><header>Interest Rates for Consolidation Loans</header>
 <subparagraph id="HF42B479120F94004BAD31E11D2EF81D2"><enum>(A)</enum><header>Method of calculation</header><text>In order to determine the interest rate for any refinanced Federal Direct Consolidation Loan under paragraph (1)(D), the Secretary shall—</text>
 <clause id="H448F54073F9E42FA802161F3A1F66701"><enum>(i)</enum><text>determine each of the component loans that were originally consolidated in the loan under section 428C or the Federal Direct Consolidation Loan, and calculate the proportion of the unpaid principal balance of the loan under section 428C or the Federal Direct Consolidation Loan that each component loan represents;</text>
 </clause><clause id="H5FF56C4FE2F84DF79CB25933FFEBA048"><enum>(ii)</enum><text>use the proportions determined in accordance with clause (i) and the interest rate applicable for each component loan, as determined under subparagraph (B), to calculate the weighted average of the interest rates on the loans consolidated into the loan under section 428C or the Federal Direct Consolidation Loan; and</text>
 </clause><clause id="H38028D04ECF442BEA6CBCFB84A838190"><enum>(iii)</enum><text>apply the weighted average calculated under clause (ii) as the interest rate for the refinanced Federal Direct Consolidation Loan.</text>
 </clause></subparagraph><subparagraph id="H7A518C67F2ED46B4ACAEF87E71B23B98"><enum>(B)</enum><header>Interest rates for component loans</header><text>The interest rates for the component loans of a loan made under section 428C or a Federal Direct Consolidation Loan shall be the following:</text>
 <clause id="H2C5A7C219848499195B98B5EB86ACF88"><enum>(i)</enum><text>The interest rate for any loan under section 428 or 428H, Federal Direct Stafford Loan, or Federal Direct Unsubsidized Stafford Loan issued to an undergraduate student shall be a rate equal to the lesser of—</text>
 <subclause id="H8E6B8B417ACF4C8D83C98DD6004166E8"><enum>(I)</enum><text>the rate for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans issued to undergraduate students for the 12-month period beginning on July 1, 2016, and ending on June 30, 2017; or</text>
 </subclause><subclause id="HE6CE0B7AEE7044E790D1034A253CC7B5"><enum>(II)</enum><text>the original interest rate of the component loan.</text> </subclause></clause><clause id="H815686F9F5C446C98D4DC0F8D0DE08B3"><enum>(ii)</enum><text>The interest rate for any loan under section 428 or 428H, Federal Direct Stafford Loan, or Federal Direct Unsubsidized Stafford Loan issued to a graduate or professional student shall be a rate equal to the lesser of—</text>
 <subclause id="H42ED2171F6784570A7D8AAC3AF58F37A"><enum>(I)</enum><text>the rate for Federal Direct Unsubsidized Stafford Loans issued to graduate or professional students for the 12-month period beginning on July 1, 2016, and ending on June 30, 2017; or</text>
 </subclause><subclause id="H208C76834B3D48D3B28064445FAB49E7"><enum>(II)</enum><text>the original interest rate of the component loan.</text> </subclause></clause><clause id="HAF24E58261BC47339F1893E62034706F"><enum>(iii)</enum><text>The interest rate for any loan under section 428B or Federal Direct PLUS Loan shall be a rate equal to the lesser of—</text>
 <subclause id="H80972963FF44437DACE4C9F9F7E57AFA"><enum>(I)</enum><text>the rate for Federal Direct PLUS Loans for the 12-month period beginning on July 1, 2016, and ending on June 30, 2017; or</text>
 </subclause><subclause id="HE19FE37A563A49BD927C52FC1FBD5ADB"><enum>(II)</enum><text>the original interest rate of the component loan.</text> </subclause></clause><clause id="H7E3B278F5098467B892D57C48FD042F1"><enum>(iv)</enum><text>The interest rate for any component loan that is a loan under section 428C or a Federal Direct Consolidation Loan shall be the weighted average of the interest rates that would apply under this subparagraph for each loan comprising the component consolidation loan.</text>
 </clause><clause id="HDE5631AA24CA42F99A3CEAAD39CAFE42"><enum>(v)</enum><text>The interest rate for any eligible loan that is a component of a loan made under section 428C or a Federal Direct Consolidation Loan and is not described in clauses (i) through (iv) shall be the interest rate on the original component loan.</text>
 </clause></subparagraph></paragraph><paragraph id="H8DBAB13D09984E8DB938ACBA54745218"><enum>(3)</enum><header>Fixed Rate</header><text>The applicable rate of interest determined under paragraph (1) for a refinanced loan under this section shall be fixed for the period of the loan.</text>
								</paragraph></subsection><subsection id="H0586AAC71EAA470B837A83E0D0EA5FEA"><enum>(d)</enum><header>Terms and conditions of loans</header>
 <paragraph id="HDE9CA9D0E8A94ECE9CA72E602F0E7472"><enum>(1)</enum><header>In general</header><text>A loan that is refinanced under this section shall have the same terms and conditions as the original loan, except as otherwise provided in this section.</text>
 </paragraph><paragraph id="H82D582C048B64CC79D8F1F677E0B1812"><enum>(2)</enum><header>No automatic extension of repayment period</header><text>Refinancing a loan under this section shall not result in the extension of the duration of the repayment period of the loan, and the borrower shall retain the same repayment term that was in effect on the original loan. Nothing in this paragraph shall be construed to prevent a borrower from electing a different repayment plan at any time in accordance with section 455(d)(3).</text>
								</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H61515452A93A437BBA54AF8CD86356AD"><enum>(e)</enum><header>Definition of qualified borrower</header>
 <paragraph commented="no" display-inline="no-display-inline" id="H0B3F187CCE834333B599B54ECE9AC8F5"><enum>(1)</enum><header>In General</header><text>For purposes of this section, the term <quote>qualified borrower</quote> means a borrower—</text> <subparagraph commented="no" display-inline="no-display-inline" id="H7527ACE7863343018FDA5D373F7F7F48"><enum>(A)</enum><text>of a loan under this part or part B for which the first disbursement was made, or the application for a consolidation loan was received, before July 1, 2017; and</text>
 </subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HCA3EBB175EB644C1AF66A8FDAF72B1FB"><enum>(B)</enum><text>who meets the eligibility requirements based on income or debt-to-income ratio established by the Secretary.</text>
 </subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H91B7B5D1340A48AA953D81ED299F9F5B"><enum>(2)</enum><header>Income requirements</header><text>Not later than 180 days after the date of enactment of the <short-title>Bank on Students Emergency Loan Refinancing Act</short-title>, the Secretary shall establish eligibility requirements based on income or debt-to-income ratio that take into consideration providing access to refinancing under this section for borrowers with the greatest financial need.</text>
 </paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="HE206690C137E4570B5A0B080C501AC76"><enum>(f)</enum><header>Notification to borrowers</header><text>The Secretary, in coordination with the Director of the Bureau of Consumer Financial Protection, shall undertake a campaign to alert borrowers of loans that are eligible for refinancing under this section that the borrowers are eligible to apply for such refinancing. The campaign shall include the following activities:</text>
 <paragraph commented="no" display-inline="no-display-inline" id="HA840407FA9FF48EBA47922E1DB4BF700"><enum>(1)</enum><text>Developing consumer information materials about the availability of Federal student loan refinancing.</text>
 </paragraph><paragraph commented="no" display-inline="no-display-inline" id="H77479B198A27424E9F32E641ED5578D3"><enum>(2)</enum><text>Requiring servicers of loans under this part or part B to provide such consumer information to borrowers in a manner determined appropriate by the Secretary, in consultation with the Director of the Bureau of Consumer Financial Protection.</text>
								</paragraph></subsection></section><section id="H98E5B6849F1542C79836EBB888C709F1"><enum>460B.</enum><header>Federal Direct Refinanced Private Loan program</header>
 <subsection id="HBCCA09704BEE425D8491BEDBB3804046"><enum>(a)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this section:</text> <paragraph id="HEF41BB860D62467FB45ED2EE511C61FD"><enum>(1)</enum><header>Eligible private education loan</header><text display-inline="yes-display-inline">The term <term>eligible private education loan</term> means a private education loan, as defined in section 140(a) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1650">15 U.S.C. 1650(a)</external-xref>), that—</text>
 <subparagraph id="HE82071A5EA7E40E480AE5D5D9C7F5BD0"><enum>(A)</enum><text display-inline="yes-display-inline">was disbursed to the borrower before July 1, 2017; and</text> </subparagraph><subparagraph id="HCC129645EB9E433286C50DDD2CD99641"><enum>(B)</enum><text display-inline="yes-display-inline">was for the borrower’s own postsecondary educational expenses for an eligible program at an institution of higher education participating in the loan program under this part, as of the date that the loan was disbursed.</text>
 </subparagraph></paragraph><paragraph id="H50620AB195D3444F83C7020CEFE01DB1"><enum>(2)</enum><header>Federal Direct Refinanced Private Loan</header><text>The term <term>Federal Direct Refinanced Private Loan</term> means a loan issued under subsection (b)(1).</text> </paragraph><paragraph id="H2CD2B748760A4CD994E318882D1ADB8B"><enum>(3)</enum><header>Private educational lender</header><text>The term <term>private educational lender</term> has the meaning given the term in section 140(a) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1650">15 U.S.C. 1650(a)</external-xref>).</text>
 </paragraph><paragraph id="H003A731E9E0640869FF7B85B1CFA85A4"><enum>(4)</enum><header>Qualified borrower</header><text>The term <term>qualified borrower</term> means an individual who—</text> <subparagraph id="H645E583BD9144E34AFCF3ABD67669184"><enum>(A)</enum><text>has an eligible private education loan;</text>
 </subparagraph><subparagraph id="H1454822A52EF4A0594E2AAEBD120CA9E"><enum>(B)</enum><text>has been current on payments on the eligible private education loan for the 6 months prior to the date of the qualified borrower's application for refinancing under this section, and is in good standing on the loan at the time of such application;</text>
 </subparagraph><subparagraph id="H53CCE8B5CFA64A7B8804E9B3C3903C11"><enum>(C)</enum><text>is not in default on the eligible private education loan or on any loan made, insured, or guaranteed under this part or part B or E; and</text>
 </subparagraph><subparagraph id="H8188525EC2DB4EF9BCC5C5278119D091"><enum>(D)</enum><text>meets the eligibility requirements described in subsection (b)(2).</text> </subparagraph></paragraph></subsection><subsection id="H62A5E12420B84F7B9C8236AE1EAE6951"><enum>(b)</enum><header>Program authorized</header> <paragraph id="H899015DC4D274583B33FA833C45FAA94"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary, in consultation with the Secretary of Treasury, shall carry out a program under which the Secretary, upon application by a qualified borrower who has an eligible private education loan, shall issue such borrower a loan under this part in accordance with the following:</text>
 <subparagraph id="H181FBF8256074938AD135CA4A209549A"><enum>(A)</enum><text>The loan issued under this program shall be in an amount equal to the sum of the unpaid principal, accrued unpaid interest, and late charges of the private education loan.</text>
 </subparagraph><subparagraph id="HA9F8EFA0DBEE4198AF2ED90EB807DDC1"><enum>(B)</enum><text>The Secretary shall pay the proceeds of the loan issued under this program to the private educational lender of the private education loan, in order to discharge the qualified borrower from any remaining obligation to the lender with respect to the original loan.</text>
 </subparagraph><subparagraph id="H82D5583208794CE9A4804890155F9242"><enum>(C)</enum><text>The Secretary shall require that the qualified borrower undergo loan counseling that provides all of the information and counseling required under clauses (i) through (viii) of section 485(b)(1)(A) before the loan is refinanced in accordance with this section, and before the proceeds of such loan are paid to the private educational lender.</text>
 </subparagraph><subparagraph id="H55DF3F8DBA724013937F10A478FFE389"><enum>(D)</enum><text>The Secretary shall issue the loan as a Federal Direct Refinanced Private Loan, which shall have the same terms, conditions, and benefits as a Federal Direct Unsubsidized Stafford Loan, except as otherwise provided in this section.</text>
 </subparagraph></paragraph><paragraph id="H42907B2D6C664CC5A9AA3E253939B20F"><enum>(2)</enum><header>Borrower eligibility</header><text>Not later than 180 days after the date of enactment of the <short-title>Bank on Students Emergency Loan Refinancing Act</short-title>, the Secretary, in consultation with the Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection, shall establish eligibility requirements—</text>
 <subparagraph id="H8B9F056285BA45D08315322313424804"><enum>(A)</enum><text>based on income or debt-to-income ratio that take into consideration providing access to refinancing under this section for borrowers with the greatest financial need;</text>
 </subparagraph><subparagraph id="HCAF3A84589BD4047BCFB9C6597845D41"><enum>(B)</enum><text>to ensure eligibility only for borrowers in good standing;</text> </subparagraph><subparagraph id="HFC9B5626B2CE4B7D98E2F0BF1DD2EF47"><enum>(C)</enum><text>to minimize inequities between Federal Direct Refinanced Private Loans and other Federal student loans;</text>
 </subparagraph><subparagraph id="H093A814FD2C04AD2BD15C10F3A45FD85"><enum>(D)</enum><text>to preclude windfall profits for private educational lenders; and</text> </subparagraph><subparagraph id="H674E4671E9ED40F3BDF788C0E4FF0CD5"><enum>(E)</enum><text>to ensure full access to the program authorized in this subsection for borrowers with private loans who otherwise meet the criteria established in accordance with subparagraphs (A) and (B).</text>
									</subparagraph></paragraph></subsection><subsection id="H0712E9DE707545C48DE7768EDF4032EA"><enum>(c)</enum><header>Interest rate</header>
 <paragraph id="H56A822AB46C44672AE9BE3EA1796292E"><enum>(1)</enum><header>In general</header><text>The interest rate for a Federal Direct Refinanced Private Loan is—</text> <subparagraph commented="no" id="HB55F77C1923D4E5483949877186F7987"><enum>(A)</enum><text>in the case of a Federal Direct Refinanced Private Loan for a private education loan originally issued for undergraduate postsecondary educational expenses, a rate equal to the rate for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans issued to undergraduate students for the 12-month period beginning on July 1, 2016, and ending on June 30, 2017; and</text>
 </subparagraph><subparagraph commented="no" id="H275F4FEECE9745428EF0D226B3A03F5B"><enum>(B)</enum><text>in the case of a Federal Direct Refinanced Private Loan for a private education loan originally issued for graduate or professional degree postsecondary educational expenses, a rate equal to the rate for Federal Direct Unsubsidized Stafford Loans issued to graduate or professional students for the 12-month period beginning on July 1, 2016, and ending on June 30, 2017.</text>
 </subparagraph></paragraph><paragraph commented="no" id="H5CAA3971847C42F9B8C661FC68011085"><enum>(2)</enum><header>Combined undergraduate and graduate study loans</header><text>If a Federal Direct Refinanced Private Loan is for a private education loan originally issued for both undergraduate and graduate or professional postsecondary educational expenses, the interest rate shall be a rate equal to the rate for Federal Direct PLUS Loans for the 12-month period beginning on July 1, 2016, and ending on June 30, 2017.</text>
 </paragraph><paragraph id="H8B0CA466F1764CBD8B784A6D4380DFEF"><enum>(3)</enum><header>Fixed Rate</header><text>The applicable rate of interest determined under this subsection for a Federal Direct Refinanced Private Loan shall be fixed for the period of the loan.</text>
 </paragraph></subsection><subsection id="H2FC460D30C4045748FEE71C81AC35703"><enum>(d)</enum><header>No inclusion in aggregate limits</header><text>The amount of a Federal Direct Refinanced Private Loan, or a Federal Direct Consolidated Loan to the extent such loan was used to repay a Federal Direct Refinanced Private Loan, shall not be included in calculating a borrower's annual or aggregate loan limits under section 428 or 428H.</text>
 </subsection><subsection id="HF05920DB789345B5B7EE30CD207E9AF0"><enum>(e)</enum><header>No eligibility for service-Related repayment</header><text>Notwithstanding sections 428K(a)(2)(A), 428L(b)(2), 455(m)(3)(A), and 460(b), a Federal Direct Refinanced Private Loan, or any Federal Direct Consolidation Loan to the extent such loan was used to repay a Federal Direct Refinanced Private Loan, shall not be eligible for any loan repayment or loan forgiveness program under section 428K, 428L, or 460 or for the repayment plan for public service employees under section 455(m).</text>
							</subsection><subsection id="H876A65D61D5347EBA3982A7DFA5BFBF7"><enum>(f)</enum><header>Private educational lender reporting requirement</header>
 <paragraph id="HC9BA569A5B6449EAA104D577B48010FE"><enum>(1)</enum><header>Reporting required</header><text>Not later than 180 days after the date of enactment of the <short-title>Bank on Students Emergency Loan Refinancing Act</short-title>, the Secretary, in consultation with the Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection, shall establish a requirement that private educational lenders report the data described in paragraph (2) to the Secretary, to Congress, to the Secretary of the Treasury, and to the Director of the Bureau of Consumer Financial Protection, in order to allow for an assessment of the private education loan market.</text>
 </paragraph><paragraph id="HEAC04A0E528F454DB69837D9A0EE280C"><enum>(2)</enum><header>Contents of reporting</header><text>The data that private educational lenders shall report in accordance with paragraph (1) shall include each of the following about private education loans (as defined in section 140(a) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1650">15 U.S.C. 1650(a)</external-xref>):</text>
 <subparagraph id="H5C5E454111794B62926D3BD42CF0C42D"><enum>(A)</enum><text>The total amount of private education loan debt the lender holds.</text> </subparagraph><subparagraph id="H7A0FA4F17BB6491F98BC08F5F012E0ED"><enum>(B)</enum><text>The total number of private education loan borrowers the lender serves.</text>
 </subparagraph><subparagraph id="H7EFBBB0D3C8243F1BB2193DE8F21D958"><enum>(C)</enum><text>The average interest rate on the outstanding private education loan debt held by the lender.</text> </subparagraph><subparagraph id="HE5C5262C17744D8EAE13862CDB6F77C8"><enum>(D)</enum><text>The proportion of private education loan borrowers who are in default on a loan held by the lender.</text>
 </subparagraph><subparagraph id="H63F80B1C46AA4E70B1CB18E09BF24346"><enum>(E)</enum><text>The proportion of the outstanding private education loan volume held by the lender that is in default.</text>
 </subparagraph><subparagraph id="H12EB40660A744D369B7D17403186CC71"><enum>(F)</enum><text>The proportions of outstanding private education loan borrowers who are 30, 60, and 90 days delinquent.</text>
 </subparagraph><subparagraph id="H0DDA657864B344CA9B6F0897D38FD2F6"><enum>(G)</enum><text>The proportions of outstanding private education loan volume that is 30, 60, and 90 days delinquent.</text>
 </subparagraph></paragraph></subsection><subsection id="HB212936A67AE43DC82B4288A7FE781A0"><enum>(g)</enum><header>Notification to borrowers</header><text>The Secretary, in coordination with the Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection, shall undertake a campaign to alert borrowers about the availability of private student loan refinancing under this section.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
 </subsection><subsection commented="no" display-inline="no-display-inline" id="HB0096052C5C549C286656E00EEE9F918"><enum>(c)</enum><header>Amendments to public service repayment plan provisions</header><text>Section 455(m) of the Higher Education Act of 1965 (<external-xref legal-doc="usc" parsable-cite="usc/20/1087e">20 U.S.C. 1087e(m)</external-xref>) is amended—</text> <paragraph commented="no" display-inline="no-display-inline" id="H43F0B3E8A71E41978183DB5E0D0AFD81"><enum>(1)</enum><text>by redesignating paragraphs (3) and (4) as paragraphs (4) and (5), respectively; and</text>
 </paragraph><paragraph commented="no" display-inline="no-display-inline" id="HE09784A1C0704076833C5721C37F789D"><enum>(2)</enum><text>by inserting after paragraph (2) the following:</text> <quoted-block display-inline="no-display-inline" id="H6D7B39BF4DF4442E97B57D58BE540FCE" style="OLC"> <paragraph id="H03D8214018BC4B26869CCC25583037D6"><enum>(3)</enum><header>Special rules for section 460A loans</header> <subparagraph id="H08DDC17DE1E34A06B3F9456906C853E2"><enum>(A)</enum><header>Refinanced Federal Direct loans</header><text>Notwithstanding paragraph (1), in determining the number of monthly payments that meet the requirements of such paragraph for an eligible Federal Direct Loan refinanced under section 460A that was originally a loan under this part, the Secretary shall include all monthly payments made on the original loan that meet the requirements of such paragraph.</text>
 </subparagraph><subparagraph id="H172510C405054AACADEBA6A7C3FA1C0B"><enum>(B)</enum><header>Refinanced FFEL loans</header><text>In the case of an eligible Federal Direct Loan refinanced under section 460A that was originally a loan under part B, only monthly payments made after the date on which the loan was refinanced may be included for purposes of paragraph (1).</text></subparagraph></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block>
 </paragraph><paragraph commented="no" display-inline="no-display-inline" id="H624941461B194DC7A299324B3B2973F9"><enum>(3)</enum><text>in paragraph (4)(A) (as redesignated by paragraph (1)), by inserting <quote>(including any Federal Direct Stafford Loan, Federal Direct PLUS Loan, Federal Direct Unsubsidized Stafford Loan, or Federal Direct Consolidation Loan refinanced under section 460A)</quote> before the period at the end.</text>
 </paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H09E61D4B4FD54090BC59C6B3A71CA0E5"><enum>(d)</enum><header>Income-Based repayment</header><text>Section 493C of the Higher Education Act of 1965 (<external-xref legal-doc="usc" parsable-cite="usc/20/1098e">20 U.S.C. 1098e</external-xref>) is amended by adding at the end the following:</text>
					<quoted-block display-inline="no-display-inline" id="HDD9DB921414740F89D645D924282D896" style="OLC">
						<subsection id="HC951D4BCDBA6444F97504257630426FB"><enum>(f)</enum><header> Special rule for refinanced loans</header>
 <paragraph id="H62861420E11E41A69BF97AFBEF3C8A82"><enum>(1)</enum><header>Refinanced Federal Direct and FFEL loans</header><text>In calculating the period of time during which a borrower of a loan that is refinanced under section 460A has made monthly payments for purposes of subsection (b)(7), the Secretary shall deem the period to include all monthly payments made for the original loan, and all monthly payments made for the refinanced loan, that otherwise meet the requirements of this section.</text>
 </paragraph><paragraph id="H8A52615CC6A14D21BF0CA0A7B810BB85"><enum>(2)</enum><header>Federal Direct Refinanced Private Loans</header><text>In calculating the period of time during which a borrower of a Federal Direct Refinanced Private Loan under section 460B has made monthly payments for purposes of subsection (b)(7), the Secretary shall include only payments—</text>
 <subparagraph id="H47E92F5FAB89426EA0FD79FF4F8C8041"><enum>(A)</enum><text>that are made after the date of the issuance of the Federal Direct Refinanced Private Loan; and</text> </subparagraph><subparagraph id="H2B69F6699D12415F9FF7CAB8B60BB3C4"><enum>(B)</enum><text>that otherwise meet the requirements of this section.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
				</subsection></section></title><title id="HEE1BB376F39949719449BF637D0D7E99" style="OLC"><enum>II</enum><header>Fair share tax</header>
 <section id="H45CE69C8C1AA40DF8AE9D9BD67FF049B"><enum>201.</enum><header>Amendment of 1986 Code</header><text display-inline="no-display-inline">Except as otherwise expressly provided, whenever in this title an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.</text>
			</section><section id="H9A6595FE54884666B078583610238049"><enum>202.</enum><header>Fair share tax on high-income taxpayers</header>
 <subsection id="HF1102DE39FB5413F9792A2E3BE0C6F26"><enum>(a)</enum><header>In general</header><text>Subchapter A of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/26/1">chapter 1</external-xref> is amended by adding at the end the following new part:</text> <quoted-block display-inline="no-display-inline" id="H6A9DC0466358448DB974B523AE564FBB" style="OLC"> <part id="H66242E7637BF4048B0AD613CE933F96B"><enum>VII</enum><header>Fair share tax on high-income taxpayers</header> <toc> <toc-entry level="section">Sec. 59A. Fair share tax.</toc-entry></toc> <section id="H4BC2D56BE0EC41C8B844623FDDB18C71"><enum>59A.</enum><header>Fair share tax</header> <subsection id="HACD1232EE7D344D58C65E7096B69657C"><enum>(a)</enum><header>General rule</header> <paragraph id="H37699AE6010D47E498B3A2347CC2C702"><enum>(1)</enum><header>Phase-in of tax</header><text>In the case of any high-income taxpayer, there is hereby imposed for a taxable year (in addition to any other tax imposed by this subtitle) a tax equal to the product of—</text>
 <subparagraph id="HFC1D8F73DF404AD2BC61AE59EF0AB50D"><enum>(A)</enum><text>the amount determined under paragraph (2), and</text> </subparagraph><subparagraph id="H7DC7538B00EA4977A67750E543A7839B"><enum>(B)</enum><text>a fraction (not to exceed 1)—</text>
 <clause id="H2B772B45C774486F97657F85C0C11C5E"><enum>(i)</enum><text>the numerator of which is the excess of—</text> <subclause id="H736C307EA2BE4595AA4780B7968AC3FB"><enum>(I)</enum><text>the taxpayer's adjusted gross income, over</text>
 </subclause><subclause id="H0EFC881DE6D14AE2BA0537696C2ED61A"><enum>(II)</enum><text>the dollar amount in effect under subsection (c)(1), and</text> </subclause></clause><clause id="H4E2176A1A300404E97E3DB5892DEBDEA"><enum>(ii)</enum><text>the denominator of which is the dollar amount in effect under subsection (c)(1).</text>
 </clause></subparagraph></paragraph><paragraph id="HBAAD5F3188964A0BBA79813190D33F14"><enum>(2)</enum><header>Amount of tax</header><text>The amount of tax determined under this paragraph is an amount equal to the excess (if any) of—</text> <subparagraph id="HF7E2236402414040AA47C76963647F6F"><enum>(A)</enum><text>the tentative fair share tax for the taxable year, over</text>
 </subparagraph><subparagraph id="H2D83B04795844DCE84C5B57D1D1B6EF1"><enum>(B)</enum><text>the excess of—</text> <clause id="H9D33108BC86A4753821CF1A46C008FBC"><enum>(i)</enum><text>the sum of—</text>
 <subclause id="HF76082856A7043CD8BFDD1AF80EBED5A"><enum>(I)</enum><text>the regular tax liability (as defined in section 26(b)) for the taxable year, determined without regard to any tax liability determined under this section,</text>
 </subclause><subclause id="H1C1F57F8CBC64DDBAEEE6B4D65474ED3"><enum>(II)</enum><text>the tax imposed by section 55 for the taxable year, plus</text> </subclause><subclause id="HCC9BD623D8304724AAC01671E69BE94E"><enum>(III)</enum><text>the payroll tax for the taxable year, over</text>
 </subclause></clause><clause id="H4820456905164D7FBA87D3C165DA6E31"><enum>(ii)</enum><text>the credits allowable under part IV of subchapter A (other than sections 27(a), 31, and 34).</text> </clause></subparagraph></paragraph></subsection><subsection id="HA2A645A76A9A4A338BE603B8AA80A63B"><enum>(b)</enum><header>Tentative fair share tax</header><text>For purposes of this section—</text>
 <paragraph id="H79C685591E644ECFB7491DA151F78DF2"><enum>(1)</enum><header>In general</header><text>The tentative fair share tax for the taxable year is 30 percent of the excess of—</text> <subparagraph id="H04D29D50643B4279A12CE127B9470A39"><enum>(A)</enum><text>the adjusted gross income of the taxpayer, over</text>
 </subparagraph><subparagraph id="H7066414AF40D4EF0B52EF519C757171A"><enum>(B)</enum><text>the modified charitable contribution deduction for the taxable year.</text> </subparagraph></paragraph><paragraph id="HB403EED1BEAE4114AF64F5E6CC9E5B35"><enum>(2)</enum><header>Modified charitable contribution deduction</header><text>For purposes of paragraph (1)—</text>
 <subparagraph id="HA32E409E9824470490F8D6F89D7AF966"><enum>(A)</enum><header>In general</header><text>The modified charitable contribution deduction for any taxable year is an amount equal to the amount which bears the same ratio to the deduction allowable under section 170 (section 642(c) in the case of a trust or estate) for such taxable year as—</text>
 <clause id="HEF10023A7ADB4C249A08113672D6C130"><enum>(i)</enum><text>the amount of itemized deductions allowable under the regular tax (as defined in section 55) for such taxable year, determined after the application of section 68, bears to</text>
 </clause><clause id="HF57412769B0C4E67878F09C4F64B753E"><enum>(ii)</enum><text>such amount, determined before the application of section 68.</text> </clause></subparagraph><subparagraph id="H600ACEC33390401EBD1F4B4953CC1FC5"><enum>(B)</enum><header>Taxpayer must itemize</header><text>In the case of any individual who does not elect to itemize deductions for the taxable year, the modified charitable contribution deduction shall be zero.</text>
 </subparagraph></paragraph></subsection><subsection id="HDCB01C67797540BDA954A14DE2991E5F"><enum>(c)</enum><header>High-Income taxpayer</header><text>For purposes of this section—</text> <paragraph id="H11DE4356EB484842B0531A01A781CB0F"><enum>(1)</enum><header>In general</header><text>The term <term>high-income taxpayer</term> means, with respect to any taxable year, any taxpayer (other than a corporation) with an adjusted gross income for such taxable year in excess of $1,000,000 (50 percent of such amount in the case of a married individual who files a separate return).</text>
									</paragraph><paragraph id="HF7914DE3112A44388B92F545286AD7BA"><enum>(2)</enum><header>Inflation adjustment</header>
 <subparagraph id="H26D5BF03B780415BB471D7268FC9E345"><enum>(A)</enum><header>In general</header><text>In the case of a taxable year beginning after 2018, the $1,000,000 amount under paragraph (1) shall be increased by an amount equal to—</text>
 <clause id="H92D2AC56C39946A380FC39A4D730C505"><enum>(i)</enum><text>such dollar amount, multiplied by</text> </clause><clause id="HB0796AED64A34B9985D22CACF9A0DD7A"><enum>(ii)</enum><text>the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting <quote>calendar year 2017</quote> for <quote>calendar year 1992</quote> in subparagraph (B) thereof.</text>
 </clause></subparagraph><subparagraph id="H2A097BB8775040A8A855EFC348304779"><enum>(B)</enum><header>Rounding</header><text>If any amount as adjusted under subparagraph (A) is not a multiple of $10,000, such amount shall be rounded to the next lowest multiple of $10,000.</text>
 </subparagraph></paragraph></subsection><subsection id="H65FD0BC990904529B43179E1BF519057"><enum>(d)</enum><header>Payroll tax</header><text>For purposes of this section, the payroll tax for any taxable year is an amount equal to the excess of—</text>
 <paragraph id="H7476540F8B0A47B4B91904AE9E697B0D"><enum>(1)</enum><text>the taxes imposed on the taxpayer under sections 1401, 1411, 3101, 3201, and 3211(a) (to the extent such tax is attributable to the rate of tax in effect under section 3101) with respect to such taxable year or wages or compensation received during such taxable year, over</text>
 </paragraph><paragraph id="H9F7B9E6672FB4CD78F0CDD7AE918E294"><enum>(2)</enum><text>the deduction allowable under section 164(f) for such taxable year.</text> </paragraph></subsection><subsection id="H4A2BCEA3D3DC4EC3AD84F95F548E84F5"><enum>(e)</enum><header>Special rule for estates and trusts</header><text>For purposes of this section, in the case of an estate or trust, adjusted gross income shall be computed in the manner described in section 67(e).</text>
 </subsection><subsection commented="no" id="H3CC83013C1B64481A4757528C4957964"><enum>(f)</enum><header>Not treated as tax imposed by this chapter for certain purposes</header><text>The tax imposed under this section shall not be treated as tax imposed by this chapter for purposes of determining the amount of any credit under this chapter (other than the credit allowed under section 27(a)) or for purposes of section 55.</text></subsection></section></part><after-quoted-block>.</after-quoted-block></quoted-block>
 </subsection><subsection id="H0819FC6986594983A7AB49CC3E6B9CEC"><enum>(b)</enum><header>Clerical amendment</header><text>The table of parts for subchapter A of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/26/1">chapter 1</external-xref> is amended by adding at the end the following new item:</text>
					<quoted-block id="H388BC36F46DF4D6B9CE2C49D338DDE55" style="OLC">
						<toc>
							<toc-entry level="part">Part VII—Fair share tax on high-Income taxpayers</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block>
 </subsection><subsection commented="no" display-inline="no-display-inline" id="H5253A3FAB45647239DECAAA4D0B2C73C"><enum>(c)</enum><header>Effective date</header><text>The amendments made by this section shall apply to taxable years beginning after December 31, 2017.</text> </subsection></section></title><title id="H904ACABDAD8C4897A70C6BF0EF563973" style="OLC"><enum>III</enum><header>Deficit Neutral Implementation of Student Loan Refinancing Programs</header> <section id="H5AF95EB5154C466D9DD90A937F0BB090"><enum>301.</enum><header>Deficit Neutral Implementation of Student Loan Refinancing Programs; Budgetary Effects</header> <subsection id="HCEE3F007BFD24EEEB107F9D6679773AA"><enum>(a)</enum><header>Amount of revenue</header><text>The Secretary of Education shall estimate the amount that is equal to the amount of the net increase in revenue received in the Treasury during the 10-year period beginning on the date of enactment of this Act attributable to the amendments made by title II of this Act.</text>
 </subsection><subsection id="H0572826967BF42F4A630FAFC9C250924"><enum>(b)</enum><header>Deficit-Neutral Termination of the Refinancing Program</header><text>The Secretary of Education shall terminate the refinancing programs carried out under sections 460A and 460B of the Higher Education Act of 1965 on the date that the net cost of carrying out such refinancing programs is equal to the amount of additional revenue estimated under subsection (a) or on the date that is 2 years after the date of enactment of this Act, whichever occurs first.</text>
 </subsection><subsection id="HDF4862D711B649B686C4D4F8D42A02F9"><enum>(c)</enum><header>Deficit Reduction</header><text>Any remaining increase in revenue described in subsection (a) and not used for the refinancing programs carried out under sections 460A and 460B of the Higher Education Act of 1965 shall be returned to the general fund of the Treasury for Federal budget deficit reduction.</text>
 </subsection><subsection id="H4C9419EFAB6A4D70BA1D2B285B629BEA"><enum>(d)</enum><header>Methodology</header><text>When estimating cost and revenue under this section, the Secretary of Education shall utilize the accounting methods and assumptions that are used by the Congressional Budget Office, as of the date of enactment of this Act, to make such estimations.</text>
 </subsection></section><section id="HE1760D05DD2E4F9BA0139CA2EF4C77F3"><enum>302.</enum><header>Budgetary Effects</header><text display-inline="no-display-inline">The budgetary effects of this Act and the amendments made by this Act shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/2/933">2 U.S.C. 933(d)</external-xref>).</text>
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