[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Pages S7625-S7626]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1779. Mr. MENENDEZ submitted an amendment intended to be proposed 
by him to the bill H.R. 1, to provide for reconciliation pursuant to 
titles II and V of the concurrent resolution on the budget for fiscal 
year 2018; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. MODIFICATION OF TREATMENT OF STUDENT LOAN 
                   FORGIVENESS.

       (a) In General.--Section 108(f) of the Internal Revenue 
     Code of 1986 is amended--
       (1) by striking paragraphs (1) and (2) and inserting the 
     following:
       ``(1) In general.--In the case of an individual, gross 
     income does not include any amount which (but for this 
     subsection) would be includible in gross income by reasons of 
     the discharge (in whole or in part) of--
       ``(A) any loan provided expressly for postsecondary 
     educational expenses, regardless of whether provided through 
     the educational institution or directly to the borrower, if 
     such loan was made by--
       ``(i) the United States, or an instrumentality or agency 
     thereof,

[[Page S7626]]

       ``(ii) a State, territory, or possession of the United 
     States, or the District of Columbia, or any political 
     subdivision thereof, or
       ``(iii) any institution of higher education,
       ``(B) any private education loan (as defined in section 
     140(a) of the Truth in Lending Act),
       ``(C) any loan made by any educational organization 
     described in section 170(b)(1)(A)(ii) if such loan is made--
       ``(i) pursuant to an agreement with any entity described in 
     subparagraph (A) or any private education lender (as defined 
     in section 140(a) of the Truth in Lending Act) under which 
     the funds from which the loan was made were provided to such 
     educational organization, or
       ``(ii) pursuant to a program of such educational 
     organization which is designed to encourage its students to 
     serve in occupations with unmet needs or in areas with unmet 
     needs and under which the services provided by the students 
     (or former students) are for or under the direction of a 
     governmental unit or an organization described in section 
     501(c)(3) and exempt from tax under section 501(a), or
       ``(D) any loan made by an educational organization 
     described in section 170(b)(1)(A)(ii) or by an organization 
     exempt from tax under section 501(a) to refinance a loan to 
     an individual to assist the individual in attending any such 
     educational organization but only if the refinancing loan is 
     pursuant to a program of the refinancing organization which 
     is designed as described in subparagraph (C)(ii).'',
       (2) by redesignating paragraphs (3) and (4) as paragraphs 
     (2) and (3), respectively, and
       (3) in paragraph (2), as so redesignated, by--
       (A) striking ``made by an organization described in 
     paragraph (2)(D)'' and inserting ``made by an organization 
     described in paragraph (1)(C) or made by a private education 
     lender (as defined in section 140(a) of the Truth in Lending 
     Act)'', and
       (B) inserting ``or for such private education lender'' 
     after ``either such organization''.
       (b) Effective Date.--The amendments made by this section 
     shall apply to discharges of loans after December 31, 2017.
                                 ______