A bill to amend the Internal Revenue Code of 1986 to expand the deduction for interest on education loans, to extend and expand the deduction for qualified tuition and related expenses, and eliminate the limitation on contributions to Coverdell education savings accounts.

USA116^th CongressS-1425| Senate

| Updated: 5/13/2019

This bill expands several tax deductions for education expenses. Specifically, the bill includes provisions that (1) allow an unlimited tax deduction for student loan interest, (2) repeal the dollar limitation on the tax deduction for qualified tuition and related expenses and make such deduction permanent, (3) allow carryovers to succeeding taxable years of amounts of the deductions for student loan interest and qualified tuition and related expenses that exceed a taxpayer's taxable income, and (4) repeal the dollar limitation on contributions to a Coverdell Education Savings Account.

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Taxation

Higher educationIncome tax deductionsInterest, dividends, interest ratesStudent aid and college costs

A bill to amend the Internal Revenue Code of 1986 to expand the deduction for interest on education loans, to extend and expand the deduction for qualified tuition and related expenses, and eliminate the limitation on contributions to Coverdell education savings accounts.

USA116^th CongressS-1425| Senate

| Updated: 5/13/2019

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Rand Paul

Republican Senator

Kentucky

Finance Committee

Taxation

Introduced
In Committee
On Floor
Passed Chamber
Enacted

Higher educationIncome tax deductionsInterest, dividends, interest ratesStudent aid and college costs

A bill to amend the Internal Revenue Code of 1986 to expand the deduction for interest on education loans, to extend and expand the deduction for qualified tuition and related expenses, and eliminate the limitation on contributions to Coverdell education savings accounts.

Suggested Questions

Taxation

A bill to amend the Internal Revenue Code of 1986 to expand the deduction for interest on education loans, to extend and expand the deduction for qualified tuition and related expenses, and eliminate the limitation on contributions to Coverdell education savings accounts.

Suggested Questions

Rand Paul

Finance Committee

Taxation

A bill to amend the Internal Revenue Code of 1986 to expand the deduction for interest on education loans, to extend and expand the deduction for qualified tuition and related expenses, and eliminate the limitation on contributions to Coverdell education savings accounts.

Suggested Questions

Taxation

A bill to amend the Internal Revenue Code of 1986 to expand the deduction for interest on education loans, to extend and expand the deduction for qualified tuition and related expenses, and eliminate the limitation on contributions to Coverdell education savings accounts.

Suggested Questions

Rand Paul

Finance Committee

Taxation