DEBT Act of 2019

Hozzl · 2022-10-28T01:46:02Z

Explore the details of House Bill 5359 DEBT Act of 2019 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

10/28/2022, 1:46 AM

Congressional Summary of HR 5359

Decreasing Employees Burdensome Taxes from Student Loans Act of 2019 or the DEBT Act of 2019

This bill amends the Internal Revenue Code, with respect to the tax treatment of student loan payments, to (1) expand the tax exclusion for employer-provided educational assistance programs to include an employer's payment of any qualified education loan incurred by an employee, (2) increase the maximum amount that may be excluded from the gross income of an employee under employer-provided educational assistance programs, and (3) increase the maximum tax deduction and the income limitation for interest on education loans.

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Current Status of Bill HR 5359

Bill HR 5359 is currently in the status of Bill Introduced since December 6, 2019. Bill HR 5359 was introduced during Congress 116 and was introduced to the House on December 6, 2019. Bill HR 5359's most recent activity was Referred to the House Committee on Ways and Means. as of December 6, 2019

Bipartisan Support of Bill HR 5359

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 5359

Primary Policy Focus

Taxation

Potential Impact Areas

- Employee benefits and pensions

- Higher education

- Income tax deductions

- Income tax exclusion

- Interest, dividends, interest rates

- Student aid and college costs

Alternate Title(s) of Bill HR 5359

DEBT Act of 2019

To amend the Internal Revenue Code of 1986 to expand the exclusion for employer-provided educational assistance and to expand the availability of the student loan interest deduction.

DEBT Act of 2019

Decreasing Employees Burdensome Taxes from Student Loans Act of 2019