US S405

Bill

US S405

Stop Taxing Death and Disability Act

Introduced
02/16/2017

In Committee
02/16/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Stop Taxing Death and Disability Act This bill amends the Internal Revenue Code to exclude from the gross income of an individual the discharge of student loans or private education loans due to the death or disability of the student. The bill also amends the Higher Education Act of 1965 to require the Department of Education (ED) to discharge the liability on loans that parents received on behalf of a student who: (1) has become permanently and totally disabled, or (2) is unable to engage in any substantial gainful activity due to a physical or mental impairment that can be expected to result in death or has lasted or is expected to last continuously for at least 60 months. (Under current law, ED is required to discharge the loans to parents if the student dies.)

AI Summary

This bill amends the Internal Revenue Code and the Higher Education Act of 1965 to exclude from an individual's gross income the discharge of student loans or private education loans due to the death or disability of the student. Specifically, it requires the Department of Education to discharge the liability on loans that parents received on behalf of a student who has become permanently and totally disabled or is unable to engage in any substantial gainful activity due to a physical or mental impairment. This bill aims to provide relief for individuals and families facing the challenges of death or disability by removing the tax burden associated with the discharge of these student loans.

Committee Categories

Budget and Finance

Sponsors (17)

Chris Coons (D)*, Richard Blumenthal (D), Tom Carper (D), Susan Collins (R), Joni Ernst (R), Dianne Feinstein (D), Cory Gardner (R), John Hoeven (R), Johnny Isakson (R), Tim Kaine (D), Angus King (I), Patty Murray (D), Rob Portman (R), Jack Reed (D), Debbie Stabenow (D), Elizabeth Warren (D), Sheldon Whitehouse (D),

Last Action

Read twice and referred to the Committee on Finance. (on 02/16/2017)

Official Document

https://www.congress.gov/bill/115th-congress/senate-bill/405/all-info

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/senate-bill/405/all-info
BillText	https://www.congress.gov/115/bills/s405/BILLS-115s405is.pdf
Bill	https://www.congress.gov/115/bills/s405/BILLS-115s405is.pdf.pdf

Bill	Bill Name	Last Action	Type
HR1	Tax Cuts and Jobs Act	Became Public Law No: 115-97. (TXT \| PDF)	Related
HR1659	Stop Taxing Death and Disability Act	Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
HRes619	Providing for consideration of the bill (H.B. 1) to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018, and providing for proceedings during the period from November 17, 2017, through November 27, 2017.	Motion to reconsider laid on the table Agreed to without objection.	Similar To

Bill > S405

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Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (17)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary