HR3285-119

2. Student loan interest deduction limitation applied separately to each spouse Section 221(b)(1) of the Internal Revenue Code of 1986 is amended to read as follows: 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. Section 221 of such Code is amended— in subsection (b), by striking the heading and inserting Dollar limitations, and by amending subsection (e) to read as follows: No deduction shall be allowed under this section for any amount for which a deduction is allowable under any other provision of this chapter. The amendments made by this section shall apply to taxable years beginning after December 31, 2024. (1)In generalThe 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.. (e)Denial of double benefitNo deduction shall be allowed under this section for any amount for which a deduction is allowable under any other provision of this chapter. .