To amend the Internal Revenue Code of 1986 to allow married couples to apply the student loan interest deduction limitation separately to each spouse, and for other purposes.

2/8/2022, 11:15 PM

Congressional Summary of HR 5863

This bill revises the tax deduction for interest on education loans to provide that the $2,500 limitation on such deduction shall apply separately to each taxpayer claiming the deduction.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 5863

Bill HR 5863 is currently in the status of Bill Introduced since February 12, 2020. Bill HR 5863 was introduced during Congress 116 and was introduced to the House on February 12, 2020. Bill HR 5863's most recent activity was Referred to the House Committee on Ways and Means. as of February 12, 2020

Bipartisan Support of Bill HR 5863

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 5863

Primary Policy Focus

Taxation

Potential Impact Areas

- Higher education

- Income tax deductions

- Interest, dividends, interest rates

- Student aid and college costs

- Tax treatment of families

Alternate Title(s) of Bill HR 5863

To amend the Internal Revenue Code of 1986 to allow married couples to apply the student loan interest deduction limitation separately to each spouse, and for other purposes.