A bill to amend the Internal Revenue Code of 1986 to allow taxpayers to elect a deduction or credit for interest on certain educational loans.

Summary

Amends the Internal Revenue Code to allow an itemized deduction for interest on educational loans for the first 48 months (whether or not consecutive) for which a payment is required to be made. Allows a tax credit for interest paid or incurred on any qualified education loan during the first 48 months (whether or not consecutive) for which a payment is required to be made. Limits such credit to $300. Requires taxpayers to elect the tax deduction or the tax credit, but not both. Prohibits the use of such deduction if a deduction is allowed for residence interest which is allocable to indebtedness used to pay qualified higher education expenses. Allows such tax credit to parents only if the dependent is a student and a personal exemption is claimed for such dependent student.

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 24 January 1992

  Open at official source

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