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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
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
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
28Democrat Cosponsors
5Republican Cosponsors
23Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 5863
Primary Policy Focus
TaxationPotential 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.
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.
Comments
Sponsors and Cosponsors of HR 5863
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