This bill, titled the "Student Loan Marriage Penalty Elimination Act of 2026," seeks to amend the Internal Revenue Code of 1986. Its primary purpose is to allow married couples to apply the student loan interest deduction limitation separately to each spouse. Currently, the deduction is capped per tax return, regardless of whether one or two individuals incurred the debt. Specifically, the legislation modifies Section 221(b)(1) to state that the interest taken into account for a taxpayer shall not exceed $2,500 , effectively applying this limit per individual. This change removes the existing "marriage penalty" by ensuring that each spouse can claim up to the maximum deduction for their own student loan interest. The amendments made by this bill will apply to taxable years beginning after December 31, 2026 .