[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 152 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 152

To amend the Internal Revenue Code of 1986 to exclude from gross income 
 payments made under Federal Government programs for the repayment of 
   student loans of members of the Armed Forces of the United States.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 3, 2001

  Mr. Pitts (for himself, Mr. McGovern, Mr. Conyers, Mr. Bartlett of 
  Maryland, and Mr. Hansen) 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 exclude from gross income 
 payments made under Federal Government programs for the repayment of 
   student loans of members of the Armed Forces of the United States.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Armed Services Educational Relief 
Act''.

SEC. 2. EXCLUSION FROM GROSS INCOME FOR DEPARTMENT OF DEFENSE PAYMENTS 
              ON STUDENT LOANS OF MEMBERS OF THE ARMED FORCES.

    (a) In General.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 (relating to items specifically excluded 
from gross income) is amended by redesignating section 139 as section 
139A and by inserting after section 138 the following new section:

``SEC. 139. CERTAIN PAYMENTS ON STUDENT LOANS OF MEMBERS OF ARMED 
              FORCES.

    ``Gross income shall not include any education loan repayment made 
by the Federal Government on behalf of a member of the Armed Forces of 
the United States.
    (b) Clerical Amendment.--The table of sections for such part III is 
amended by striking the last item and inserting the following new 
items:

                              ``Sec. 139. Certain payments on student 
                                        loans of members of Armed 
                                        Forces.
                              ``Sec. 139A. Cross references to other 
                                        Acts.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to payments in taxable years ending after the date of the 
enactment of this Act.
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