| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 2660 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to exempt qualified student |
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| 6 | 6 | | loan bonds from the volume cap and the alternative minimum tax. |
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| 7 | 7 | | IN THE HOUSE OF REPRESENTATIVES |
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| 8 | 8 | | APRIL7, 2025 |
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| 9 | 9 | | Mr. F |
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| 10 | 10 | | EENSTRAintroduced the following bill; which was referred to the |
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| 11 | 11 | | Committee on Ways and Means |
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| 12 | 12 | | A BILL |
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| 13 | 13 | | To amend the Internal Revenue Code of 1986 to exempt |
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| 14 | 14 | | qualified student loan bonds from the volume cap and |
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| 15 | 15 | | the alternative minimum tax. |
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| 16 | 16 | | Be it enacted by the Senate and House of Representa-1 |
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| 17 | 17 | | tives of the United States of America in Congress assembled, 2 |
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| 18 | 18 | | SECTION 1. QUALIFIED STUDENT LOAN BONDS EXEMPT 3 |
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| 19 | 19 | | FROM VOLUME CAP AND ALTERNATIVE MIN-4 |
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| 20 | 20 | | IMUM TAX. 5 |
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| 21 | 21 | | (a) E |
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| 22 | 22 | | XEMPTIONFROMVOLUMECAP.— 6 |
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| 23 | 23 | | (1) I |
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| 24 | 24 | | N GENERAL.—Section 146(g) of the Inter-7 |
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| 25 | 25 | | nal Revenue Code of 1986 is amended by redesig-8 |
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| 26 | 26 | | nating paragraphs (2) through (6) as paragraphs 9 |
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| 27 | 27 | | VerDate Sep 11 2014 00:12 Apr 15, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2660.IH H2660 |
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| 28 | 28 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 29 | 29 | | •HR 2660 IH |
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| 30 | 30 | | (3) through (7), respectively, and by inserting after 1 |
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| 31 | 31 | | paragraph (1) the following new paragraph: 2 |
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| 32 | 32 | | ‘‘(2) any qualified student loan bond,’’. 3 |
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| 33 | 33 | | (2) S |
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| 34 | 34 | | PECIAL RULE FOR APPLICATION OF 4 |
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| 35 | 35 | | POOLED FINANCING BOND RULES .—Section 5 |
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| 36 | 36 | | 149(f)(6) of such Code is amended by adding at the 6 |
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| 37 | 37 | | end the following new subparagraph: 7 |
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| 38 | 38 | | ‘‘(C) S |
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| 39 | 39 | | PECIAL RULE FOR QUALIFIED STU -8 |
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| 40 | 40 | | DENT LOAN BONDS .—For purposes of subpara-9 |
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| 41 | 41 | | graph (A), in the case of any qualified student 10 |
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| 42 | 42 | | loan bond, the term ‘ultimate borrower’ shall 11 |
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| 43 | 43 | | not include any student borrower.’’. 12 |
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| 44 | 44 | | (3) C |
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| 45 | 45 | | ONFORMING AMENDMENT .—Section 13 |
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| 46 | 46 | | 146(g) of such Code is amended by striking ‘‘Para-14 |
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| 47 | 47 | | graphs (4) and (5)’’ in the last sentence and insert-15 |
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| 48 | 48 | | ing ‘‘Paragraphs (5) and (6)’’. 16 |
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| 49 | 49 | | (b) E |
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| 50 | 50 | | XEMPTIONFROMALTERNATIVE MINIMUM 17 |
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| 51 | 51 | | T |
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| 52 | 52 | | AX.—Section 57(a)(5)(C) of such Code is amended by 18 |
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| 53 | 53 | | redesignating clauses (iv), (v), and (vi) as clauses (v), (vi), 19 |
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| 54 | 54 | | and (vii), respectively, and by inserting after clause (iii) 20 |
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| 55 | 55 | | the following new clause: 21 |
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| 56 | 56 | | ‘‘(iv) E |
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| 57 | 57 | | XCEPTION FOR QUALIFIED 22 |
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| 58 | 58 | | STUDENT LOAN BONDS .—For purposes of 23 |
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| 59 | 59 | | clause (i), the term ‘private activity bond’ 24 |
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| 60 | 60 | | shall not include any bond issued after the 25 |
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| 61 | 61 | | VerDate Sep 11 2014 00:12 Apr 15, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2660.IH H2660 |
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| 62 | 62 | | ssavage on LAPJG3WLY3PROD with BILLS 3 |
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| 63 | 63 | | •HR 2660 IH |
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| 64 | 64 | | date of the enactment of this clause if such 1 |
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| 65 | 65 | | bond is a qualified student loan bond (as 2 |
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| 66 | 66 | | defined in section 144(b)). The preceding 3 |
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| 67 | 67 | | sentence shall not apply to any refunding 4 |
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| 68 | 68 | | bond unless such preceding sentence ap-5 |
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| 69 | 69 | | plied to the refunded bond (or in the case 6 |
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| 70 | 70 | | of a series of refundings, the original 7 |
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| 71 | 71 | | bond).’’. 8 |
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| 72 | 72 | | (c) E |
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| 73 | 73 | | FFECTIVEDATES.—The amendments made by 9 |
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| 74 | 74 | | this section shall apply to obligations issued after the date 10 |
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| 75 | 75 | | of the enactment of this Act. 11 |
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| 76 | 76 | | Æ |
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| 77 | 77 | | VerDate Sep 11 2014 00:12 Apr 15, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H2660.IH H2660 |
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| 78 | 78 | | ssavage on LAPJG3WLY3PROD with BILLS |
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