3.0.0 1798 2022-11-01T18:02:34Z 2022-11-01T18:02:34Z House HR 2019-03-14 116 [Congressional Record Volume 165, Number 46 (Thursday, March 14, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Miss RICE of New York:H.R. 1798.Congress has the power to enact this legislation pursuantto the following:Article I, Section VIII[Page H2747]]]> hsed00 Education and the Workforce Committee House Standing Referred to 2019-03-14T13:03:35Z hswm00 Ways and Means Committee House Standing Referred to 2019-03-14T13:03:30Z 2019-03-14 Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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 2019-03-14 Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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 2019-03-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-03-14 Introduced in House IntroReferral 1000 9 Library of Congress R000602 Rep. Rice, Kathleen M. [D-NY-4] Kathleen Rice D NY M. 4 N Taxation Employee benefits and pensions Government lending and loan guarantees Higher education Income tax deductions Income tax exclusion Interest, dividends, interest rates Student aid and college costs Wages and earnings Taxation 00 2019-03-14 Introduced in House 2019-07-01T18:30:59Z Students and Families Empowerment Act

This bill expands tax deductions and grace periods that apply to student loan payments.

The bill modifies the tax deduction for interest on education loans to replace the dollar limitation and the limitation based on modified adjusted gross income with a $750,000 limit ($1.5 million in the case of a joint return) on the aggregate amount of qualified education loans that may be taken into account for the deduction.

The bill excludes from gross income the discharge of any student loan debt pursuant to income contingent and income-based repayment plans under the Higher Education Act of 1965.

The bill extends from 6 months to 12 months (1) the grace period before payment must begin on Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans after the student ceases to carry at least one-half of the normal full-time academic workload, and (2) the deferment periods for parent borrowers and graduate or professional student borrowers with Federal Direct PLUS Loans.

The bill prohibits interest from accruing on a Federal Direct Unsubsidized Stafford Loan or a Federal Direct PLUS Loan during the 12-month extension or deferral period.

]]> Students and Families Empowerment Act Display Title Students and Families Empowerment Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to increase the deduction allowed for student loan interest and to exclude from gross income discharges of income contingent or income-based student loan indebtedness. Introduced in House IH Short Title(s) as Introduced Students and Families Empowerment Act Introduced in House IH Introduced in House 2019-03-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr1798ih/xml/BILLS-116hr1798ih.xml 2019-03-14 Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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. 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.