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 Pay As You Earn repayment plan described in section 685.209 of title 34, Code of Federal Regulations (or the successor regulations), or the income-contingent repayment based on the Revised Pay As You Earn repayment plan described in sections 685.208 and 685.209 of title 34, Code of Federal Regulations, as amended the final regulations published by the Department of Education in the Federal Register on October 30, 2015 (80 Fed. Reg. 67203 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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Sec. 9
Excluding loans forgiven under certain repayment programs from gross income
Fed. Reg.80 FR 67203
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