Underwater Student Borrowers Act
Latest action · Jul 1, 2016 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 1, 2016
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Underwater Student Borrowers Act
This bill amends the Internal Revenue Code, with respect to the exclusion from gross income of income attributable to the discharge of student loan indebtedness, to: (1) include indebtedness discharged due to income-contingent and income-based repayment plans, the death or disability of the borrower, or the closing of an educational institution; and (2) revise the definition of "student loan" to mean a loan made by any lender, including a loan for the refinancing of an existing loan.
Cosponsors 20
Members who signed on, in the order they did. Signatures ran from Jul 1, 2016 to Jul 18, 2016; 15 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-DC | Eleanor Holmes Norton | Original | Jul 1, 2016 |
| D-FL | Frederica S. Wilson | Original | Jul 1, 2016 |
| D-WI | Gwen Moore | Original | Jul 1, 2016 |
| D-MA | James P. McGovern | Original | Jul 1, 2016 |
| D-WA | Jim McDermott | Original | Jul 1, 2016 |
| D-MD | John P. Sarbanes | Original | Jul 1, 2016 |
| D-MN | Keith Ellison | Original | Jul 1, 2016 |
| D-CA | Mark Takano | Original | Jul 1, 2016 |
| D-NY | Nydia M. Velázquez | Original | Jul 1, 2016 |
| D-OR | Peter A. DeFazio | Original | Jul 1, 2016 |
| D-AZ | Raúl M. Grijalva | Original | Jul 1, 2016 |
| D-MN | Richard M. Nolan | Original | Jul 1, 2016 |
| D-VA | Robert C. "Bobby" Scott | Original | Jul 1, 2016 |
| D-TX | Ruben Hinojosa | Original | Jul 1, 2016 |
| D-OR | Suzanne Bonamici | Original | Jul 1, 2016 |
| D-PA | Brendan F. Boyle | Jul 5, 2016 | |
| D-NY | Charles B. Rangel | Jul 8, 2016 | |
| D-MD | Chris Van Hollen | Jul 8, 2016 | |
| D-TX | Sheila Jackson Lee | Jul 8, 2016 | |
| D-CA | Jerry McNerney | Jul 18, 2016 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Jul 1, 2016 |
Actions 2
Everything that happened, newest first.
- Jul 1, 2016Introduced in House
- Jul 1, 2016Referred to the House Committee on Ways and Means.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 162, no. 106, July 1, 2016, page H4192.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2429 | Student Loan Tax Debt Relief Act | Related bill | May 19, 2015 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to exclude from gross income any discharge of student loan indebtedness.
- Short Titles as Introduced
- Underwater Student Borrowers Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 1, 2016Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
