To amend the Internal Revenue Code of 1986 to increase the deduction allowed for interest on education loans.
The source supplies the latest action, but no lifecycle stage.
Latest action (15 Oct 1998): Referred to the House Committee on Ways and Means.
What this bill does
This bill, H.R. 4846, would amend the Internal Revenue Code to increase the amount of interest individuals can deduct on education loans. Starting with taxable years beginning in 1999, the maximum deduction would gradually rise from $2,000 to $5,000 by the year 2002. This change would apply to interest paid after December 31, 1998.
The bill would affect individuals who pay interest on education loans and are eligible to take this deduction on their federal income taxes. The proposed changes are intended to provide a greater tax benefit for those repaying education debt.
H.R. 4846 was introduced in the House of Representatives on October 15, 1998, by Representative Tom Campbell. It was referred to the Committee on Ways and Means. As of its introduction, this is the latest action taken on the bill.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Amends the Internal Revenue Code to increase, up to a maximum of $5,000 for taxable years 2002 and thereafter, the deduction allowed for interest on education loans.
Timeline
15 Oct 1998
Referred to the House Committee on Ways and Means.
Common questions
- What does H.R. 4846 do?
- This bill, H.R. 4846, would amend the Internal Revenue Code to increase the amount of interest individuals can deduct on education loans. Starting with taxable years beginning in 1999, the maximum deduction would gradually rise from $2,000 to $5,000 by the year 2002. This change would apply to interest paid after December 31, 1998. The bill would affect individuals who pay interest on education loans and are eligible to take this deduction on their federal income taxes. The proposed changes are intended to provide a greater tax benefit for those repaying education debt. H.R. 4846 was introduced in the House of Representatives on October 15, 1998, by Representative Tom Campbell. It was referred to the Committee on Ways and Means. As of its introduction, this is the latest action taken on the bill.
- Has H.R. 4846 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 4846. Check the latest action and official source below.
- Who sponsored H.R. 4846?
- H.R. 4846 was sponsored by Rep. Campbell, Tom [R-CA-15] (R-CA), with 0 cosponsors.
- What's the latest action on H.R. 4846?
- Referred to the House Committee on Ways and Means. (15 Oct 1998).
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