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I
117TH CONGRESS
1ST SESSION H. R. 2983
To amend the Internal Revenue Code of 1986 to allow the deduction for
interest paid on student loans without reduction for employer educational
assistance.
IN THE HOUSE OF REPRESENTATIVES
MAY 4, 2021
Mr. KINZINGER (for himself and Mrs. MURPHY of Florida) introduced the
following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to allow the
deduction for interest paid on student loans without re-
duction for employer educational assistance.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Readily Ending Debt
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Under Corporate Engagement Act of 2021’’ or the ‘‘RE-
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DUCE Act of 2021’’.
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•HR 2983 IH
SEC. 2. STUDENT LOAN INTEREST DEDUCTION NOT OFFSET
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BY EMPLOYER EDUCATIONAL ASSISTANCE.
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(a) IN GENERAL.—Section 221(d)(2)(A) of the Inter-
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nal Revenue Code of 1986 is amended by striking ‘‘127,’’.
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(b) CHANGE
TO DENIAL
OF DOUBLE BENEFIT
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RULE.—Section 221(e)(1) of such Code is amended by
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striking ‘‘, or for which an exclusion is allowable under
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section 127 to the taxpayer by reason of the payment by
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the taxpayer’s employer of any indebtedness on a qualified
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education loan of the taxpayer’’.
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(c) EFFECTIVE DATE.—The amendments made by
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this section shall apply to taxable years beginning after
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December 31, 2020.
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