H.R. 1713 · 114th Congress
Student Loan Repayment Assistance Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
PetersSponsor18 cosponsors · 16 D, 2 R
D
Vargas
AH
D
Hastings
BL
D
Lawrence
MD
D
DeSaulnier
JS
D
Serrano
NT
D
Torres
ES
D
Swalwell
DC
D
Cicilline
KS
D
Sinema
AL
D
Lowenthal
FW
D
Wilson
TM
R
MacArthur
KE
D
Ellison
JP
D
Polis
RD
R
Davis
NV
D
Velázquez
AK
D
Kuster
GM
D
Meng0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Internal Revenue Code to exclude from the gross income of an employee amounts paid by an employer under a student loan payment assistance program. Requires participating employees to pay at least $50 per month on their student loans (in addition to the amount excluded from their gross income under such program).
What it does: CRS summary · Introduced in House · Mar 26, 2015
Student Loan Repayment Assistance Act of 2015
Amends the Internal Revenue Code to exclude from the gross income of an employee amounts paid by an employer under a student loan payment assistance program. Requires participating employees to pay at least $50 per month on their student loans (in addition to the amount excluded from their gross income under such program). Limits the amount of such exclusion to $6,000 in a taxable year.
Requires an employer student loan payment assistance program to be a separate written plan of an employer to provide employees with student loan payment assistance. Defines "student loan payment assistance" as the payment of principal or interest on any indebtedness incurred by an employee solely to pay qualified higher education expenses that are paid or incurred within a reasonable time before or after such indebtedness was incurred and that are attributable to education furnished during a period in which such employee was a student eligible for federal financial assistance.
Allows an employee to take an income tax deduction in an amount equal to the employee's student loan payments that are matched by excludible employer contributions under a student loan payment assistance program. Limits the amount of such deduction to $6,000 in a taxable year and $50,000 over a lifetime.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Student Loan Repayment Assistance Act of 2015
Latest action (Mar 26, 2015): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Mar 26, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.