S. 4119

119 S4119 IS: Student Loan Marriage Penalty Elimination Act of 2026
 U.S. Senate
 2026-03-17
 text/xml
 EN
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 II  119th CONGRESS  2d Session  S. 4119  IN THE SENATE OF THE UNITED STATES   March 17, 2026   Mr. Warnock  (for himself,  Mr. Lankford ,  Ms. Lummis , and  Mr. Bennet ) introduced the following bill; which was read twice and referred to the  Committee on Finance    A BILL
To amend the Internal Revenue Code of 1986 to allow married couples to apply the student loan interest deduction limitation separately to each spouse, and for other purposes.
1.
Short title
This Act may be cited as the   Student Loan Marriage Penalty Elimination Act of 2026  .
2.
Student loan interest deduction limitation applied separately to each spouse
(a)
In general
 Section 221(b)(1)  of the Internal Revenue Code of 1986 is amended to read as follows:
(1)
In general
The interest taken into account with respect to a taxpayer for a taxable year under subsection (a) for indebtedness incurred by an individual shall not exceed $2,500.
 .
(b)
Conforming amendments
Section 221 of such Code is amended—
(1)
in subsection (b), by striking the heading and inserting
Dollar limitations  , and
(2)
by amending subsection (e) to read as follows:
(e)
Denial of double benefit
No deduction shall be allowed under this section for any amount for which a deduction is allowable under any other provision of this chapter.
 .
(c)
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2026.