Student Loan Marriage Penalty Elimination Act of 2026
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill aims to eliminate a tax disadvantage faced by married couples with student loan debt. Currently, married couples cannot fully deduct their student loan interest, and the deduction is limited to $2,500 combined. This legislation would allow each spouse in a married couple to deduct up to $2,500 of student loan interest separately, effectively removing the ‘marriage penalty’ associated with student loan interest deductions.
Key provisions
- Allows married couples to apply the student loan interest deduction limitation separately.
- Increases the student loan interest deduction limit to $2,500 per individual.
- Amends Section 221(b)(1) of the Internal Revenue Code.
- Specifies that no deduction can be claimed for amounts already deducted under other provisions.
Who is affected
- Married couples
- Students with outstanding student loan debt
- Taxpayers
Notable changes
- Removes the current limitation on the combined student loan interest deduction for married couples.
- Creates a separate deduction limit for each spouse.
Fiscal impact
The Congressional Budget Office estimates that this bill would increase federal revenue by $1.2 billion over the 2027-2032 period.
Bill text
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Sponsors
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4 on record
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Cosponsors
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