United States · Bill · S
S. 2343 (112th)
Stop the Student Loan Interest Rate Hike Act of 2012
Introduced
24 April 2012
Last action
24 May 2012 · Vote
Status
Returned to the Calendar. Calendar No. 365.
Sponsors
Sen. Reid, Harry [D-NV], Sen. Reed, Jack [D-RI], Sen. Harkin, Tom [D-IA], Sen. Brown, Sherrod [D-OH], Sen. Durbin, Richard J. [D-IL], Sen. Stabenow, Debbie [D-MI], Sen. Leahy, Patrick J. [D-VT], Sen. Murray, Patty [D-WA], Sen. Gillibrand, Kirsten E. [D-NY], Sen. Sanders, Bernard [I-VT], Sen. Whitehouse, Sheldon [D-RI], Sen. Wyden, Ron [D-OR], Sen. Franken, Al [D-MN], Sen. Begich, Mark [D-AK], Sen. Blumenthal, Richard [D-CT], Sen. Merkley, Jeff [D-OR], Sen. Boxer, Barbara [D-CA], Sen. Inouye, Daniel K. [D-HI], Sen. Mikulski, Barbara A. [D-MD], Sen. Rockefeller, John D., IV [D-WV], Sen. Schumer, Charles E. [D-NY], Sen. Udall, Tom [D-NM], Sen. Bingaman, Jeff [D-NM]
Subjects
Taxation, Education
Source updated
14 August 2025
Summary
Stop the Student Loan Interest Rate Hike Act of 2012 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to make the 3.4% interest rate on Direct Stafford loans first disbursed to undergraduate students between July 1, 2011, and July 1, 2012, applicable to Direct Stafford loans first disbursed to undergraduate students between July 1, 2011, and July 1, 2013. Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to require certain shareholders of a subchapter S corporation engaged as a partner in a professional service business to include income or loss attributable to such business in their net earnings from self-employment for employment tax purposes. Restricts such tax treatment to shareholders whose modified adjusted gross income exceeds a specified amount that varies based on their tax filing status. Defines a "professional service business" as any trade or business providing services in the fields of health, law, lobbying, engineering, architecture, accounting, actuarial science, performing arts, consulting, athletics, investment advice or management, or brokerage services.
This text is taken from the official record. PoliticalRepo does not editorialize.
Timeline
24 April 2012
Introduced
Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 365. (text of measure as introduced: CR S2657-2658)
Source: Calendars
24 April 2012
Introduced
Introduced in Senate
Source: IntroReferral
26 April 2012
Floor
Motion to proceed to consideration of measure made in Senate. (consideration: CR S2799-2807)
Source: Floor
7 May 2012
Floor
Motion to proceed to measure considered in Senate. (consideration: CR S2892-2906)
Source: Floor
8 May 2012
Floor
Motion to proceed to measure considered in Senate. (consideration: CR S2935-2944, H2944-2959)
Source: Floor
9 May 2012
Floor
Motion to proceed to consideration of measure made in Senate. (consideration: CR S2989-3035)
Source: Floor
15 May 2012
Floor
Motion to proceed to consideration of measure made in Senate. (consideration: CR S3158)
Source: Floor
16 May 2012
Floor
Motion to proceed to consideration of measure made in Senate. (consideration: CR S3181-3182)
Source: Floor
23 May 2012
Floor
Motion by Senator Reid to reconsider the vote by which cloture was not invoked on the motion to proceed to the measure (Roll Call Vote No. 89) withdrawn in Senate by Unanimous Consent.
Source: Floor
24 May 2012
Passed
Motion to proceed to consideration of measure agreed to in Senate. (consideration: CR S3609)
Source: Floor
24 May 2012
Vote
Failed of passage/not agreed to in Senate: Under the order of 5/23/12, not having achieved 60 votes in the affirmative, failed of passage in Senate by Yea-Nay Vote. 51 - 43. Record Vote Number: 113.
Source: Floor
Votes
24 May 2012 · Bill Defeated · On Passage of the Bill S. 2343 · Bill Defeated · Official source
Yes 51 · No 43 · Abstain — · Absent/not voting 5
- Sen. Franken, Al [D-MN]Yea
- Sen. Klobuchar, Amy [D-MN]Yea
- Sen. Boxer, Barbara [D-CA]Yea
- Sen. Mikulski, Barbara A. [D-MD]Yea
Showing the first 4 recorded positions. Vote totals above are complete.
Versions
- Placed on Calendar Senate · 24 April 2012 · Download file
Documents
3 official files
Placed on Calendar Senate (text)
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Placed on Calendar Senate (text)
Placed on Calendar Senate · EN · 24 April 2012
Placed on Calendar Senate (PDF)
Placed on Calendar Senate · EN · 24 April 2012
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Introduced in Senate
summary · EN · 24 April 2012
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Sponsors
- Sen. Reid, Harry [D-NV] · D · Sponsor
- Sen. Reed, Jack [D-RI] · D · Cosponsor
- Sen. Harkin, Tom [D-IA] · D · Cosponsor
- Sen. Brown, Sherrod [D-OH] · D · Cosponsor
- Sen. Durbin, Richard J. [D-IL] · D · Cosponsor
- Sen. Stabenow, Debbie [D-MI] · D · Cosponsor
- Sen. Leahy, Patrick J. [D-VT] · D · Cosponsor
- Sen. Murray, Patty [D-WA] · D · Cosponsor
- Sen. Gillibrand, Kirsten E. [D-NY] · D · Cosponsor
- Sen. Sanders, Bernard [I-VT] · I · Cosponsor
- Sen. Whitehouse, Sheldon [D-RI] · D · Cosponsor
- Sen. Wyden, Ron [D-OR] · D · Cosponsor
- Sen. Franken, Al [D-MN] · D · Cosponsor
- Sen. Begich, Mark [D-AK] · D · Cosponsor
- Sen. Blumenthal, Richard [D-CT] · D · Cosponsor
- Sen. Merkley, Jeff [D-OR] · D · Cosponsor
- Sen. Boxer, Barbara [D-CA] · D · Cosponsor
- Sen. Inouye, Daniel K. [D-HI] · D · Cosponsor
- Sen. Mikulski, Barbara A. [D-MD] · D · Cosponsor
- Sen. Rockefeller, John D., IV [D-WV] · D · Cosponsor
- Sen. Schumer, Charles E. [D-NY] · D · Cosponsor
- Sen. Udall, Tom [D-NM] · D · Cosponsor
- Sen. Bingaman, Jeff [D-NM] · D · Cosponsor
Related records
- related to → To amend the Higher Education Act of 1965 to extend the reduced interest rate for Federal Direct Stafford Loans.
- related to → Narrowing Exceptions for Withholding Taxes Act of 2012
- related to → Interest Rate Reduction Act
- related to → Stop the Rate Hike Act of 2012
- related to → Investing in Our Student's Future Act
- related to → A bill to amend the Higher Education Act of 1965 to extend the reduced interest rate for Federal Direct Stafford Loans.
- related to → Interest Rate Reduction Act
- related to ← Subsidized Stafford Loan Reduced Interest Rate Extension Act of 2012
- amends ← In the nature of a substitute.
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/112th-congress/senate-bill/2343
- Open data entity: https://api.congress.gov/v3/bill/112/s/2343
- us · 112-s-2343 · source updated 14 August 2025