[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1033 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 1033

To amend the Internal Revenue Code of 1986 to repeal the limitations on 
  the maximum amount of the deduction of interest on education loans.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 1, 2005

 Mr. Wu (for himself, Mr. Hastings of Florida, Mr. McGovern, Mr. Brown 
 of Ohio, Ms. Lee, Mr. Gonzalez, Mr. Towns, Mr. Brady of Pennsylvania, 
 Mr. Cummings, Ms. Kilpatrick of Michigan, Mr. Wexler, Mr. Kennedy of 
 Rhode Island, and Ms. McCollum of Minnesota) 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 limitations on 
  the maximum amount of the deduction of 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. SHORT TITLE.

    This Act may be cited as the ``Student Loan Interest Full 
Deductibility Act''.

SEC. 2. REPEAL OF LIMITATIONS ON MAXIMUM AMOUNT OF DEDUCTION OF 
              INTEREST ON EDUCATION LOANS.

    (a) In General.--Section 221 of the Internal Revenue Code of 1986 
(relating to maximum deduction) is amended--
            (1) by striking subsections (b) and (f), and
            (2) by redesignating subsections (c), (d), and (e) as 
        subsections (b), (c), and (d), respectively.
    (b) Conforming Amendment.--Section 6050S(e) of such Code is amended 
by striking ``section 221(d)(1)'' and inserting ``section 221(c)(1)''.
    (c) Effective Date.--The amendment made by this section shall apply 
to payments made in taxable years beginning after December 31, 2004.
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