Student Success Act of 2001

Summary

Student Success Act of 2001 - Authorizes individuals to enter into human capital investment contracts (HCICs) to obtain funds for the payment of tuition and other related expenses of postsecondary education by agreeing to pay to the holder of the contract a specified percentage of the individual's future earned income. Makes any HCIC that complies with required terms and conditions under this Act a valid, binding, and enforceable contract notwithstanding any State law limiting or otherwise regulating assignments of future wages or other income. Amends the Internal Revenue Code to provide that: (1) an HCIC shall not be treated as a debt instrument for specified purposes; and (2) amounts received by the student for entering into an HCIC shall be includible in such student's gross income for certain tax purposes. Sets forth conditions for allowable depreciation deductions with respect to HCICs. Allows a tax deduction, in determining adjusted gross income, for an individual's obligated payments under an HCIC. Deems income derived from, or gain from the sale or other disposition of, an HCIC as qualifying income which would exempt a publicly traded partnership from treatment as a corporation. Amends the Investment Company Act of 1940 to provide for pooling of HCICs into investment companies. Amends Federal bankruptcy law to except from discharge in bankruptcy, under certain conditions, any payment owed by the debtor as a result of a payment made to or for the benefit of the debtor under an HCIC. Amends the Higher Education Act of 1965 (HEA) to provide that no portion of any amounts received by a student for entering into an HCIC shall be included as income or assets in the computation of expected family contribution for any program funded in whole or in part under HEA.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 11 December 2001

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 11 December 2001

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 11 December 2001

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.