[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5719 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 5719

 To amend the Internal Revenue Code of 1986 to increase the deduction 
                   allowed for student loan interest.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 10, 2012

  Mr. Rangel (for himself, Mr. McDermott, Mr. Pascrell, Mr. Lewis of 
Georgia, Ms. Berkley, Mr. Neal, Mr. Larson of Connecticut, Mr. Gerlach, 
 and Mr. Blumenauer) 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 increase the deduction 
                   allowed for student loan interest.

    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 Deduction Act 
of 2012''.

SEC. 2. INCREASE IN DEDUCTION FOR STUDENT LOAN INTEREST.

    (a) Increase in Dollar Limitation and Repeal of Limitation Based on 
Income.--Subsection (b) of section 221 of the Internal Revenue Code of 
1986 is amended to read as follows:
    ``(b) Maximum Deduction.--The deduction allowed by subsection (a) 
for the taxable year shall not exceed $5,000 ($10,000 in the case of a 
joint return).''.
    (b) Repeal of the Limitation on the Period the Deduction Is Allowed 
Made Permanent.--Title IX of the Economic Growth and Tax Relief 
Reconciliation Act of 2001 shall not apply to the amendments made by 
section 412 of such Act.
    (c) Conforming Amendment.--Section 221 of such Code is amended by 
striking subsections (e) and (f) (relating to special rules and 
inflation adjustments, respectively) and inserting the following new 
subsection:
    ``(e) Denial of Double Benefit.--No deduction shall be allowed 
under this section for any amount for which a deduction is allowable 
under any other provision of this chapter.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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