[Congressional Record Volume 148, Number 111 (Thursday, September 5, 2002)]
[Senate]
[Pages S8302-S8303]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. ALLARD:
  S. 2905. A bill to repeal the sunset of the Economic Growth and Tax 
Relief Reconciliation Act of 2001 with respect to the elimination of 
the 60-month limit and an increase in the income limitation on the 
student loan interest deduction; to the Committee on Finance.
  Mr. ALLARD. Mr. President, today I introduce legislation that will 
repeal the sunset of the Economic Growth and Tax Relief Reconciliation 
Act of 2001 with respect to student loan interest deduction. My bill 
will make permanent the provisions that are set to expire under current 
law on December 31, 2010. The affected provisions include the 
elimination of the 60-month limit on deductibility of interest paid on 
a qualified education loan and clarify that voluntary payments of 
interests are deductible, as well as the adjustment to the phase out 
range for eligibility for loan interest deduction up to $50,000 through 
$65,000 for single taxpayers and $100,000 to $130,000 for joint 
returns.
  Making these provisions permanent will be good for taxpayers because 
borrowers will benefit from added tax relief when they voluntarily pay 
back

[[Page S8303]]

higher amounts of their student loans each month. More people will also 
benefit from the adjustment of the phase out range to a higher income 
bracket for both single and joint tax returns.
  In my home State of Colorado over 40 percent of the adult residents 
have at least a Bachelor's degree, thus repealing the sunset date of 
these provisions will have a positive long term effect on my 
constituents. The current law is already helping many people and we can 
continue to help Americans keep more of their money by repealing the 
sunset date of these provisions.
  I ask unanimous consent that the text of the bill be printed in the 
Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:
       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. REPEAL OF APPLICABILITY OF SUNSET OF THE ECONOMIC 
                   GROWTH AND TAX RELIEF RECONCILIATION ACT OF 
                   2001 WITH RESPECT TO ELIMINATION OF 60-MONTH 
                   LIMIT AND INCREASE IN INCOME LIMITATION ON 
                   STUDENT LOAN INTEREST DEDUCTION.

       Section 901 of the Economic Growth and Tax Relief 
     Reconciliation Act of 2001 is amended by adding at the end 
     the following new subsection:
       ``(c) Exception.--Subsection (a) shall not apply to the 
     amendments made by section 412 (relating to elimination of 
     60-month limit and increase in income limitation on student 
     loan interest deduction).''.
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