[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1556 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 1556

 To amend the Internal Revenue Code of 1986 to eliminate the marriage 
        penalty on the deduction for interest on student loans.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 15, 2007

  Mr. Terry (for himself, Mr. Paul, Mr. Doolittle, Mr. Sessions, Mrs. 
Bono, Mr. McCotter, Mr. Franks of Arizona, Mrs. Blackburn, Mr. McHugh, 
  Mr. Regula, Mr. Simpson, Mrs. McMorris Rodgers, Mr. Garrett of New 
  Jersey, Mr. Cuellar, Mr. Fossella, Mr. Gohmert, Mrs. Musgrave, Mr. 
   Souder, Mr. Poe, Mrs. Myrick, Mr. McCaul of Texas, Mr. Mario Diaz-
Balart of Florida, Mr. Walberg, Mr. Patrick J. Murphy of Pennsylvania, 
  Mr. Jordan of Ohio, and Mr. Pearce) 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 eliminate the marriage 
        penalty on the deduction for interest on student 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 ``Married Student Debt Relief Act of 
2007''.

SEC. 2. ELIMINATION OF MARRIAGE PENALTY IN DEDUCTION FOR INTEREST ON 
              STUDENT LOANS.

    (a) In General.--Paragraph (1) of section 221 of the Internal 
Revenue Code of 1986 (relating to general rule for maximum deduction) 
is amended to read as follows:
            ``(1) In general.--
                    ``(A) General rule.--The amount allowed as a 
                deduction under subsection (a) shall not exceed $2,500.
                    ``(B) Special rule for joint return.--In the case 
                of a husband and wife--
                            ``(i) who make a joint return for the 
                        taxable year, and
                            ``(ii) each of whom is the obligor on a 
                        qualified education loan for the qualified 
                        education expenses of the husband or wife, as 
                        the case may be,
                subparagraph (A) shall be applied separately with 
                respect to the husband and the wife, except that not 
                more than $2,500 of interest expense may be taken into 
                account under this section with respect to each of the 
                husband, the wife, and all dependents.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2006.
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