[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 471 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                 S. 471

 To amend the Internal Revenue Code of 1986 to eliminate the 60-month 
               limit on student loan interest deductions.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 25, 1999

 Mr. Grassley (for himself, Mr. Baucus, Mr. Jeffords, Ms. Collins, Mr. 
Cochran, and Mr. Abraham) introduced the following bill; which was read 
             twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to eliminate the 60-month 
               limit on student loan interest deductions.

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

SECTION 1. ELIMINATION OF 60-MONTH LIMIT ON STUDENT LOAN INTEREST 
              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.--Section 6050(e) of the Internal Revenue 
Code of 1986 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 with respect to any loan interest paid after December 31, 1997.
                                 <all>