How HR 3285 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill allows married couples to apply the student loan interest deduction limitation separately to each spouse, thus potentially increasing deductions available to them.

• Section 221(b)(1)

  ``(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.''. → ``(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.''.

  This change clarifies the general limitation on the interest deduction without altering the dollar amount.

• Section 221(b)

  the heading → ``Dollar Limitations''

  This change updates the heading to clarify the section's content regarding dollar limitations.

• Section 221(e)

  existing text of subsection (e) → ``(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.''.

  This amendment reinforces the rule that no double benefit is allowed for deductions under different provisions.