US SB2186 | 2015-2016 | 114th Congress
Status
Spectrum: Partisan Bill (Republican 3-0)
Status: Introduced on October 20 2015 - 25% progression, died in committee
Action: 2015-10-20 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on October 20 2015 - 25% progression, died in committee
Action: 2015-10-20 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Investing in Student Success Act of 2015 This bill authorizes an individual (i.e., a student) and another person (i.e., an investor) to enter an income-share agreement (ISA) in which the student agrees to pay a percentage of future income, for a specified period of time, in exchange for funds to pay for postsecondary education, workforce development, or other purposes. An ISA that complies with specified terms and conditions and meets certain disclosure requirements is a valid, binding, and enforceable contract and is not subject to state laws that limit interest rates or regulate assignments of future income. The bill amends the Internal Revenue Code to include an ISA as a qualified education loan (a qualified education loan is not dischargeable in bankruptcy), but it prohibits a tax deduction for interest paid on an ISA (interest paid on a qualified education loan is tax deductible). Payments to a student under an ISA are not includible as: (1) gross income for tax purposes, or (2) income or assets for federal financial aid eligibility purposes under the Higher Education Act of 1965. The bill amends the Investment Company Act of 1940 to exclude as an investment company any person whose business substantially consists of making ISAs.
Title
Investing in Student Success Act of 2015
Sponsors
| Sen. Marco Rubio [R-FL] | Sen. Daniel Coats [R-IN] | Sen. Tom Cotton [R-AR] |
History
| Date | Chamber | Action |
|---|---|---|
| 2015-10-20 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB3432 (Related) 2015-11-16 - Referred to the Subcommittee on Higher Education and Workforce Training.
Subjects
Contracts and agency
Education
Federal preemption
Financial services and investments
Higher education
Income tax exclusion
Student aid and college costs
Wages and earnings
Education
Federal preemption
Financial services and investments
Higher education
Income tax exclusion
Student aid and college costs
Wages and earnings
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/114th-congress/senate-bill/2186/all-info |
| Text | https://www.congress.gov/114/bills/s2186/BILLS-114s2186is.pdf |
