[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4700 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4700

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


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 21, 2014

 Mr. Gardner introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the limitation 
              on the deduction 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. INCREASE IN LIMITATION ON DEDUCTION FOR STUDENT LOAN 
              INTEREST.

    (a) In General.--Section 221(b)(1) of the Internal Revenue Code of 
1986 is amended by striking ``the amount determined'' and all that 
follows and inserting ``$5,000.''.
    (b) Inflation Adjustment.--Subsection (f) of section 221 of such 
Code is amended by--
            (1) redesignating paragraphs (1) and (2) as paragraphs (2) 
        and (3), respectively, and inserting before paragraph (2) (as 
        so redesignated) the following new paragraph:
            ``(1) Dollar limitation.--In the case of any taxable year 
        beginning after 2015, the $5,000 amount in subsection (b)(1) 
        shall be increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins, determined by substituting 
                `calendar year 2014' for `calendar year 1992' in 
                subparagraph (B) thereof.'',
            (2) in paragraph (2) (as so redesignated), by striking ``In 
        general'' in the heading thereof and inserting ``Limitation 
        based on modified adjusted gross income'', and
            (3) in paragraph (3) (as so redesignated)--
                    (A) by striking ``paragraph (1)'' and inserting 
                ``paragraph (1) or (2)'', and
                    (B) by inserting ``($100 in the case of any 
                adjustment under paragraph (1))'' after ``$5,000'' both 
                places it appears.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2014.
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