I 111th CONGRESS 1st Session H. R. 2492 IN THE HOUSE OF REPRESENTATIVES May 19, 2009 Mr. Levin (for himself, Mr. Tiberi, Mr. George Miller of California, Mr. Neal of Massachusetts, Mr. Hinojosa, and Mr. Davis of Illinois) 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 discharges of student loans the repayment of which is income contingent or income based.

1.

Certain student loans the repayment of which is income contingent or income based

(a)

In general

Paragraph (1) of section 108(f) of the Internal Revenue Code of 1986 is amended by striking any student loan if and all that follows and inserting any student loan if—(A)such discharge was pursuant to a provision of such loan under which all or part of the indebtedness of the individual would be discharged if the individual worked for a certain period of time in certain professions for any of a broad class of employers, or (B)such discharge was pursuant to subsections (d)(1)(D) and (e)(7) of section 455, or section 493C(b)(7), of the Higher Education Act of 1965 (relating to income contingent and income based repayment, respectively). . (b)

Effective date

The amendment made by subsection (a) shall apply to discharges of loans after June 30, 2009.