Sec. 1022. Information sharing authority relating to income-based repayment
578 words·~3 min read·
/bill/113/s/2954/is/section-1022A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subparagraph
(A)of section 6103(l)(13) of the Internal Revenue Code of 1986 is amended by striking who has received an applicable student loan and whose loan repayment amounts are based in whole or in part on the taxpayer's income and inserting who is more than 150 days delinquent on an eligible student loan . Subparagraph
(B)of section 6103(l)(13) of such Code is amended— by striking Return information and inserting the following: Except as otherwise provided in this subparagraph, return information , by striking income contingent and inserting income-based , by inserting for purposes of enrolling the taxpayer in an income‐based repayment plan pursuant to section 493C(d) of the Higher Education Act of 1965 (as in effect on the date of enactment of the Higher Education Affordability Act) before the period at the end, and by adding at the end the following new clauses: Upon request from an applicable loan service provider, the Secretary of Education may disclose to the taxpayer and to the applicable loan service provider the taxpayer's repayment amount under an income‐based repayment plan described in section 493C(b) of the Higher Education Act of 1965 (as in effect on the date of enactment of the Higher Education Affordability Act). The information disclosed pursuant to this paragraph may be open to inspection or disclosure to officers and employees of the Department of Education who are personally and directly engaged in any administrative proceeding arising out of the determination of the income‐based repayment amount and to the taxpayer and the taxpayer's representative. . Subparagraph
(C)of section 6103(l)(13) of such Code is amended to read as follows: For purposes of this paragraph— The term eligible student loan has the meaning given to the term eligible loan under section 493C(a) of the Higher Education Act of 1965 (as in effect on the date of enactment of the Higher Education Affordability). For purposes of this subparagraph, the term applicable loan service provider means— any entity with a contract to service loans under section 456 of the Higher Education Act of 1965, any entity that is a lender of loans made, insured, or guaranteed under part B of such Act, any entity that provides student loan servicing for a lender described in subclause (II). . Subparagraph
(D)of section 6103(l)(13) of the Internal Revenue Code of 1986 is amended by striking December 31, 2007 and inserting December 31, 2019 . The heading for paragraph
(13)of section 6103(l) of such Code is amended by striking and inserting income contingent repayment of student loans . auto-enrollment of delinquent student loan borrowers in income-based repayment plans Paragraph
(3)of section 6103(a) of the Internal Revenue Code of 1986 is amended by inserting (13), after (12), . Subparagraph
(B)of section 7213A of such Code is amended by striking subsection (l)(18) or
(n)of and inserting paragraph
(13)or
(18)of subsection
(l)of, or subsection
(n)of, . Subparagraph
(A)of section 6103(p)(3) of such Code is amended— by striking (13), and by inserting after the second sentence the following new sentence: The Secretary of Education shall supply the Secretary with such information as is necessary to carry out this paragraph as it relates to section 6103(l)(13). . Paragraph
(4)of section 6103(p) of such Code is amended by inserting (13), after (l)(10), each place it appears. The amendments made by this section shall apply to requests made by the Secretary of Education after the date of the enactment of this Act.