3.0.0 3432 2023-01-11T13:30:16Z 2023-01-11T13:30:16Z House HR 2015-07-29 114 [Congressional Record Volume 161, Number 121 (Wednesday, July 29, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. YOUNG of Indiana:H.R. 3432.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clauses 1 and 3[Page H5775]]]> hsed00 Education and the Workforce Committee House Standing hsed13 Higher Education and Workforce Development Subcomittee Referred to 2015-11-16T20:54:20Z Referred to 2015-07-29T14:10:30Z hsba00 Financial Services Committee House Standing Referred to 2015-07-29T14:10:35Z hswm00 Ways and Means Committee House Standing Referred to 2015-07-29T14:10:25Z Investing in Student Success Act of 2015 114 2186 S 2015-10-20 Read twice and referred to the Committee on Finance. Related bill CRS 2015-11-16 hsed13 Higher Education and Workforce Development Subcomittee 1 House committee actions Referred to the Subcommittee on Higher Education and Workforce Training. Committee 2015-07-29 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Financial Services, 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. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2015-07-29 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Financial Services, 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. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2015-07-29 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Financial Services, 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. IntroReferral H11100-A 9 Library of Congress 2015-07-29 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Financial Services, 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-07-29 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-07-29 Introduced in House IntroReferral 1000 9 Library of Congress Y000064 Rep. Young, Todd [R-IN-9] Todd Young R IN C. 9 N P000598 Rep. Polis, Jared [D-CO-2] Jared Polis D CO 2 2015-07-29 True Education Contracts and agency Federal preemption Financial services and investments Higher education Income tax exclusion Student aid and college costs Wages and earnings Education 00 2015-07-29 Introduced in House 2016-09-29T20:12:26Z Investing in Student Success Act of 2015

This bill authorizes an individual (i.e., a student) and another person (i.e., an investor) to enter an income-share agreement (ISA) in which the student agrees to pay a percentage of future income, for a specified period of time, in exchange for funds to pay for postsecondary educational expenses.

An ISA that complies with specified terms and conditions and meets certain disclosure requirements is a valid, binding, and enforceable contract and is not subject to state laws that limit interest rates or regulate assignments of future income.

The bill amends the Internal Revenue Code to include an ISA as a qualified education loan (a qualified education loan is not dischargeable in bankruptcy), but it prohibits a tax deduction for interest paid on an ISA (interest paid on a qualified education loan is tax deductible).

Payments to a student under an ISA are not includible as: (1) gross income for tax purposes, or (2) income or assets for federal financial aid eligibility purposes under the Higher Education Act of 1965.

The bill amends the Investment Company Act of 1940 to exclude as an investment company any person whose business substantially consists of making ISAs.

]]> Investing in Student Success Act of 2015 Display Title Investing in Student Success Act of 2015 Official Title as Introduced To provide the legal framework and income tax treatment necessary for the growth of innovative private financing options for students to fund postsecondary education, and for other purposes. Introduced in House IH Short Titles as Introduced Investing in Student Success Act of 2015 Introduced in House 2015-07-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr3432ih/xml/BILLS-114hr3432ih.xml 2015-11-16 Referred to the Subcommittee on Higher Education and Workforce Training. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.