I 111th CONGRESS 2d Session H. R. 4574 IN THE HOUSE OF REPRESENTATIVES February 2, 2010 Mr. Wu 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.

1.

Short title

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

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, 2009.