I
119THCONGRESS
1
STSESSION 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
APRIL7, 2025
Mr. F
EENSTRAintroduced 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 Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. QUALIFIED STUDENT LOAN BONDS EXEMPT 3
FROM VOLUME CAP AND ALTERNATIVE MIN-4
IMUM TAX. 5
(a) E
XEMPTIONFROMVOLUMECAP.— 6
(1) I
N GENERAL.—Section 146(g) of the Inter-7
nal Revenue Code of 1986 is amended by redesig-8
nating paragraphs (2) through (6) as paragraphs 9
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(3) through (7), respectively, and by inserting after 1
paragraph (1) the following new paragraph: 2
‘‘(2) any qualified student loan bond,’’. 3
(2) S
PECIAL RULE FOR APPLICATION OF 4
POOLED FINANCING BOND RULES .—Section 5
149(f)(6) of such Code is amended by adding at the 6
end the following new subparagraph: 7
‘‘(C) S
PECIAL RULE FOR QUALIFIED STU -8
DENT LOAN BONDS .—For purposes of subpara-9
graph (A), in the case of any qualified student 10
loan bond, the term ‘ultimate borrower’ shall 11
not include any student borrower.’’. 12
(3) C
ONFORMING AMENDMENT .—Section 13
146(g) of such Code is amended by striking ‘‘Para-14
graphs (4) and (5)’’ in the last sentence and insert-15
ing ‘‘Paragraphs (5) and (6)’’. 16
(b) E
XEMPTIONFROMALTERNATIVE MINIMUM 17
T
AX.—Section 57(a)(5)(C) of such Code is amended by 18
redesignating clauses (iv), (v), and (vi) as clauses (v), (vi), 19
and (vii), respectively, and by inserting after clause (iii) 20
the following new clause: 21
‘‘(iv) E
XCEPTION FOR QUALIFIED 22
STUDENT LOAN BONDS .—For purposes of 23
clause (i), the term ‘private activity bond’ 24
shall not include any bond issued after the 25
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date of the enactment of this clause if such 1
bond is a qualified student loan bond (as 2
defined in section 144(b)). The preceding 3
sentence shall not apply to any refunding 4
bond unless such preceding sentence ap-5
plied to the refunded bond (or in the case 6
of a series of refundings, the original 7
bond).’’. 8
(c) E
FFECTIVEDATES.—The amendments made by 9
this section shall apply to obligations issued after the date 10
of the enactment of this Act. 11
Æ
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