[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 686 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 686

   To amend the Internal Revenue Code of 1986 to repeal the 60-month 
limitation period on the allowance of a deduction of interest on loans 
                     for higher education expenses.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 14, 2001

   Mrs. Mink of Hawaii (for herself, Mr. Paul, Mr. Blagojevich, Ms. 
    Pelosi, Mr. Underwood, Ms. Brown of Florida, Mr. Hilliard, Mr. 
 Etheridge, Mr. Costello, Mr. Hinojosa, Mr. Menendez, Ms. Kilpatrick, 
    Ms. Roybal-Allard, Mr. Kucinich, Ms. Rivers, Mr. Traficant, Ms. 
 Woolsey, Mrs. Kelly, Mr. Davis of Illinois, Mr. Abercrombie, and Mr. 
 Green of Texas) 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 period on the allowance of a deduction of interest on loans 
                     for higher education expenses.

    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 PERIOD ON DEDUCTION OF 
              INTEREST ON HIGHER EDUCATION LOANS.

    (a) Limitation on Period Deduction Allowed.--Section 221 of the 
Internal Revenue Code of 1986 (relating to interest on education loans) 
is amended by striking subsection (d).
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2000.
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