Section 1 Short title
This Act may be cited as the “Fairness and Opportunities for Married Households With Student Loans Act”.
Fairness and Opportunities for Married Households With Student Loans Act
A BILL
To amend the Internal Revenue Code of 1986 to increase the amount allowed as a deduction for interest on education loans paid by married couples.
Sec. 2 Increase in deduction for interest on education loans paid by married couples
In general— Section 221(b)(1) of the Internal Revenue Code of 1986 is amended by inserting “($5,000 in the case of a joint return)” after “$2,500”.
Effective date— The amendment made by subsection (a) shall apply to amounts paid in taxable years beginning after the date of the enactment of this Act.