PlainBillCongress, translated.Legislation. Context. Public interest.Hearing Held on Issue by Subcommittee on Select Revenue Measures.
Congressional Research Service
Version 00 · Introduced in House · Apr 2, 1993
Amends the Internal Revenue Code to allow a tax credit for interest paid or incurred on any qualified education loan during the first 48 months (whether or not consecutive) for which interest payments are required to be made. Limits such credit to $300. Allows such tax credit to parents only if the dependent is a student and a personal exemption is claimed for such dependent student. Reduces interest by the amount bearing the same ratio to the interest as the excess of adjusted gross income over the applicable dollar amount bears to the phaseout range. Establishes applicable dollar amounts and phaseout ranges. Excludes interest paid on education loans from the definition of "personal interest" (thus, allowing a deduction to be taken) unless a credit or deduction with respect to such interest is taken.
People & committees
Rep. Cardin, Benjamin L. [D-MD-3] · D–MD
Legislative record
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Hearing Held on Issue by Subcommittee on Select Revenue Measures.
Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Jan 2, 2025. Consult Congress.gov for the current record.
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