Description:
The bill would Amend the Truth in Lending Act to require any private student loan to be discharged if the student is determined to have a total and permanent disability Amend the Internal Revenue Code so that such a discharge is not treated as income for tax purposes Impose private-sector mandates by requiring holders of private student loans to discharge certain debts and prohibiting loan holders from attempting to collect on those debts Estimated budgetary effects would primarily stem from A decrease in tax revenue from the provision that would exempt from taxable income certain discharges of student loan debt The Congressional Budget Act of 1974, as amended, stipulates that revenue estimates provided by the staff of the Joint Committee on Taxation (JCT) will be the official estimates for all tax legislation considered by Congress. As such, CBO incorporates those estimates into its cost estimates of the effects of legislation. All of the estimates for the tax provisions of H.R. 4545 were provided by JCT.
