2022 Standard Federal Tax Reporter (CCH) Committee Reports on P.L. 107-16 (Economic Growth and Tax Relief Reconciliation Act of 2001), Congress (United States)

Summary

• Committee Report: Standard Federal Tax Reporter (2022), Committee Reports on P.L. 107-16 (Economic Growth and Tax Relief Reconciliation Act of 2001)

  .69 Deduction for student loan interest. -The bill increases the income phase-out ranges for eligibility for the student loan interest deduction to $50,000 to $65,000 for single taxpayers and to $100,000 to $130,000 for married taxpayers filing joint returns. These income phase-out ranges are adjusted annually for inflation after 2002.

  The bill repeals both the limit on the number of months during which interest paid on a qualified education loan is deductible and the restriction that voluntary payments of interest are not deductible.

   Effective Date. -The provision is effective for interest paid on qualified education loans after December 31, 2001.- Senate Committee Report (S.  Rep. No. 107-30). 

   Conference Agreement. -The conference agreement follows the Senate amendment.- Conference Committee Report (H.R.  Conf. Rep. No. 107-84). 

  Sunset ...