Student Loan Marriage Penalty Elimination Act of 2026

Raphael G. Warnock

Democrat · GA · Senator

Source: Congress.gov · FEC

• Cynthia M. Lummis (R-WY)Original· 2026-03-17
• James Lankford (R-OK)Original· 2026-03-17
• Michael F. Bennet (D-CO)Original· 2026-03-17

Read twice and referred to the Committee on Finance.

2026-03-17

Source: Congress.gov

This bill would change how married couples's student loan debt is treated for tax purposes, removing financial penalties that some married couples face when filing their taxes together. Currently, certain income-driven repayment plans and tax deductions for student loan interest can disadvantage married filers compared to single filers, and this legislation aims to eliminate those disparities. The change would primarily benefit married couples with student loan debt who file joint tax returns.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4119 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4119 To amend the Internal Revenue Code of 1986 to allow married couples to apply the student loan interest deduction limitation separately to each spouse, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 17, 2026 Mr. Warnock (for himself, Mr. Lankford, Ms. Lummis, and Mr. Bennet) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to allow married couples to apply the student loan interest deduction limitation separately to each spouse, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Student Loan Marriage Penalty Elimination Act of 2026''. SEC. 2. STUDENT LOAN INTEREST DEDUCTION LIMITATION APPLIED SEPARATELY TO EACH SPOUSE. (a) In General.--Section 221(b)(1) of the Internal Revenue Code of 1986 is amended to read as follows: ``(1) In general.--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.''. (b) Conforming Amendments.--Section 221 of such Code is amended-- (1) in subsection (b), by striking the heading and inserting ``Dollar Limitations'', and (2) by amending subsection (e) to read as follows: ``(e) Denial of Double Benefit.--No deduction shall be allowed under this section for any amount for which a deduction is allowable under any other provision of this chapter.''. (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2026. <all>

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