[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4846 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 4846

 To amend the Internal Revenue Code of 1986 to increase the deduction 
                allowed for interest on education loans.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 15, 1998

 Mr. Campbell 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 increase the deduction 
                allowed for interest on education loans.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASE IN DEDUCTION ALLOWED FOR INTEREST ON EDUCATION 
              LOANS.

    (a) In General.--The table contained in paragraph (1) of section 
221(b) of the Internal Revenue Code of 1986 (relating to general rule 
for maximum deduction) is amended to read as follows:

        ``In the case of taxable years
                                                             The dollar
          beginning in:
                                                             amount is:
                  1999...............................           $2,000 
                  2000...............................           $3,000 
                  2001...............................           $4,000 
                  2002 or thereafter.................        $5,000.''.

    (b) Effective Date.--The amendment made by this section shall apply 
to interest due and paid after December 31, 1998.
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