H.R. 2660

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

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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.

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IN THE HOUSE OF REPRESENTATIVES

April 7, 2025

Mr. Feenstra introduced the following bill; which was referred to the 
Committee on Ways and Means

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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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