[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1196 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 1196

   To amend the Internal Revenue Code of 1986 to repeal the 60-month 
limitation on the amount of education loan interest which is allowable 
                            as a deduction.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 18, 1999

     Mr. George Miller of California (for himself, Mrs. Johnson of 
  Connecticut, Mr. Matsui, and Mr. English) 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 repeal the 60-month 
limitation on the amount of education loan interest which is allowable 
                            as a deduction.

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

SECTION 1. REPEAL OF 60-MONTH LIMITATION ON AMOUNT OF EDUCATION LOAN 
              INTEREST WHICH IS ALLOWABLE AS A DEDUCTION.

    (a) In General.--Section 221 of the Internal Revenue Code of 1986 
(relating to interest on education loans) is amended by striking 
subsection (d) and by redesignating subsections (e), (f), and (g) as 
subsections (d), (e), and (f), respectively.
    (b) Conforming Amendment.--Subsection (e) of section 6050S of such 
Code is amended by striking ``section 221(e)(1)'' and inserting 
``section 221(d)(1)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to loan interest payments due and paid after December 31, 1997, 
in taxable years ending after such date.
                                 <all>