119-hr2660

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2660 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 2660

To amend the Internal Revenue Code of 1986 to exempt qualified student 
 loan bonds from the volume cap and the alternative minimum tax.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 April 7, 2025

 Mr. Feenstra 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 exempt qualified student 
 loan bonds from the volume cap and the alternative minimum tax.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. QUALIFIED STUDENT LOAN BONDS EXEMPT FROM VOLUME CAP AND 
 ALTERNATIVE MINIMUM TAX.

    (a) Exemption From Volume Cap.--

    (1) In general.--

Section 146

    (g) of the Internal Revenue 
 Code of 1986 is amended by redesignating paragraphs

    (2) through

    (6) as paragraphs

    (3) through

    (7) , respectively, and by 
 inserting after paragraph

    (1) the following new paragraph:
 ``

    (2) any qualified student loan bond,''.

    (2) Special rule for application of pooled financing bond 
 rules.--

Section 149

    (f)

    (6) of such Code is amended by adding at 
 the end the following new subparagraph:
 ``
            (C) Special rule for qualified student loan 
 bonds.--For purposes of subparagraph
        (A) , in the case 
 of any qualified student loan bond, the term `ultimate 
 borrower' shall not include any student borrower.''.

    (3) Conforming amendment.--

Section 146

    (g) of such Code is 
 amended by striking ``Paragraphs

    (4) and

    (5) '' in the last 
 sentence and inserting ``Paragraphs

    (5) and

    (6) ''.

    (b) Exemption From Alternative Minimum Tax.--

Section 57

    (a)

    (5)
            (C) of 
such Code is amended by redesignating clauses
            (iv) ,
            (v) , and
            (vi) as 
clauses
            (v) ,
            (vi) , and
            (vii) , respectively, and by inserting after 
clause
            (iii) the following new clause:
 ``
            (iv) Exception for qualified student loan 
 bonds.--For purposes of clause
            (i) , the term 
 `private activity bond' shall not include any 
 bond issued after the date of the enactment of 
 this clause if such bond is a qualified student 
 loan bond (as defined in 

section 144

    (b) ). The 
 preceding sentence shall not apply to any 
 refunding bond unless such preceding sentence 
 applied to the refunded bond (or in the case of 
 a series of refundings, the original bond).''.
            (c) Effective Dates.--The amendments made by this section shall 
apply to obligations issued after the date of the enactment of this 
Act.
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