Kinzinger, Murphy Make Bipartisan Push to Reduce Student Debt
This week, Representatives Adam Kinzinger (IL-16) and Stephanie Murphy (FL-07) introduced H.R. 2983, the Readily Ending Debt Under Corporate Engagement (REDUCE) Act.
Washington, DC – This week, Representatives Adam Kinzinger (IL-16) and Stephanie Murphy (FL-07) introduced H.R. 2983, the Readily Ending Debt Under Corporate Engagement (REDUCE) Act. The bipartisan legislation will allow employees to take full advantage of the tax-free employer payment options created in the CARES Act and continue to maximize their student loan interest deduction each year. Currently, the deduction is reduced by the amount of what the employer pays on the loan. But the REDUCE Act would create an opportunity to help borrowers pay back their loans quicker with a simple change in a responsible way.
“Currently, Americans collectively owe more than $1.6 trillion in student loan debt. This growing issue will continue if we do not make practical changes to solve it now,” said Kinzinger (R-IL). “I’m proud to take on this critical issue with my colleague Representative Murphy. The REDUCE Act will provide a simple adjustment to the tax code providing employees with a stronger tool to pay off their student loan debt faster.”
“Nearly 45 million Americans—including 2.6 million Floridians—have student loan debt, and the burden can be economically and emotionally crushing,” said Murphy (D-FL). “I’m proud to co-lead this bipartisan bill with Congressman Kinzinger to give student loan borrowers another tool to alleviate this burden.”
The full text of H.R. 2983 can be found attached as a PDF and online here.