[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1581 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 1581

To amend the Internal Revenue Code of 1986 to exclude from gross income 
    the discharge of certain student loans of deceased or disabled 
                               veterans.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 24, 2015

Mr. Gallego (for himself and Mr. Zinke) 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 exclude from gross income 
    the discharge of certain student loans of deceased or disabled 
                               veterans.

    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 ``Veterans Education Tax Security Act 
of 2015'' or the ``VETS Act of 2015''.

SEC. 2. DISCHARGE OF CERTAIN STUDENT LOANS OF DECEASED OR DISABLED 
              VETERANS EXCLUDED FROM GROSS INCOME.

    (a) In General.--Section 108(f) of the Internal Revenue Code of 
1986 is amended by adding to the end the following new paragraph:
            ``(5) Discharge of certain student loans of deceased or 
        disabled veterans excluded from gross income.--
                    ``(A) In general.--In the case of--
                            ``(i) any veteran or member of the Armed 
                        Forces who dies,
                            ``(ii) any veteran whom the Secretary of 
                        Veterans Affairs determines has a service 
                        connected disability rated as total, or
                            ``(iii) with respect to any loan made to an 
                        individual described in clause (i) or (ii), any 
                        cosigner of such loan,
                gross income shall not include any amount received 
                under 437(a) of the Higher Education Act of 1965.
                    ``(B) Certain parental loans.--In the case of a 
                parent of a member of the Armed Forces who dies, gross 
                income shall not include any amount received under 
                437(d) of the Higher Education Act of 1965.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2014.
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