Page:United States Statutes at Large Volume 111 Part 1.djvu/832

 Ill STAT. 808 PUBLIC LAW 105-34—AUG. 5, 1997 "(4) DEPENDENT.— The term 'dependent' has the meaning given such term by section 152. " (f) SPECIAL RULES. — "(1) DENIAL OF DOUBLE BENEFIT. —N O deduction shall be allowed under this section for any amount for which a deduction is allowable under any other provision of this chapter. " (2) MARRIED COUPLES MUST FILE JOINT RETURN.—I f the taxpayer is married at the close of the taxable year, the deduction shall be allowed under subsection (a) only if the taxpayer and the taxpayer's spouse file a joint return for the taxable year. "(3) MARITAL STATUS.— Marital status shall be determined in accordance with section 7703. "(g) INFLATION ADJUSTMENTS. — "(1) IN GENERAL.—In the case of a taxable year beginning after 2002, the $40,000 and $60,000 amounts in subsection (b)(2) shall each be increased by an amount equal to— "(A) such dollar amount, multiplied by "(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting 'calendar year 2001' for 'calendar year 1992' in subparagraph (B) thereof. "(2) ROUNDING.—I f any amount as adjusted under paragraph (1) is not a multiple of $5,000, such amount shall be rounded to the next lowest multiple of $5,000.". (b) DEDUCTION ALLOWED WHETHER OR NOT TAXPAYER ITEMIZES OTHER DEDUCTIONS. —Subsection (a) of section 62 is amended by inserting after paragraph (16) the following new paragraph: "(17) INTEREST ON EDUCATION LOANS.— The deduction allowed by section 221.". (c) REPORTING REQUIREMENT.— (1) IN GENERAL.— Section 6050S(a)(2) (relating to returns relating to higher education tuition and related expenses) is amended to read as follows: "(2) which is engaged in a trade or business and which, in the course of such trade or business— "(A) makes payments during any calendar year to any individual which constitutes reimbursements or refunds (or similar amounts) of qualified tuition and related expenses of such individual, or "(B) except as provided in regulations, receives from any individual interest aggregating $600 or more for any calendar year on 1 or more qualified education loans,". (2) INFORMATION.— Section 6050S(b)(2) is amended— (A) by inserting "or interest" after "payments" in subparagraph (A), and (B) in subparagraph (C), by striking "and" at the end of clause (i), by inserting "and" at the end of clause (ii), and by inserting after clause (ii) the following: "(iii) aggregate amount of interest received for the calendar year from such individual,". (3) DEFINITION.—Section 6050S(e) is amended by inserting ", and except as provided in regulations, the term 'qualified education loan' has the meaning given such term by section 221(e)(1)" after "section 25A".

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