Sec. 9. Excluding loans forgiven under certain repayment programs from gross income
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Section 455(e)(2) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(e)(2) ) is amended— in the subsection heading, by inserting after and forgiveness ; and repayment by adding at the end the following: The amount of the principal and interest on a borrower’s loans forgiven pursuant to income contingent repayment shall not be included in the gross income of the borrower for purposes of the Internal Revenue Code of 1986. . The amount of the principal and interest on a borrower’s loans forgiven pursuant to the income-contingent repayment plan (based on the President’s Pay As You Earn repayment initiative) implemented in parts 674, 682, and 685 of title 34, Code of Federal Regulations, as amended by the final regulations published by the Department of Education in the Federal Register on November 1, 2012 (77 Fed. Reg. 66088 et seq.), shall not be included in the gross income of the borrower for purposes of the Internal Revenue Code of 1986.
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- 77 FR 66088
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Sec. 9
Excluding loans forgiven under certain repayment programs from gross income
Fed. Reg.77 FR 66088
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