S 518

112th CONGRESS
1st Session

S. 518

To amend the Internal Revenue Code of 1986 to provide for an exclusion for assistance provided to participants in certain veterinary student loan repayment or forgiveness programs.

IN THE SENATE OF THE UNITED STATES

March 9, 2011

Mr. JOHNSON of South Dakota (for himself, Mr. CRAPO, Mr. HARKIN, Mr. MORAN, Mr. BENNET, Mr. COCHRAN, Mr. MERKLEY, Mr. ROBERTS, Mrs. GILLIBRAND, Mr. BARRASSO, Ms. LANDRIEU, Mr. RISCH, Ms. KLOBUCHAR, and Mr. ISAKSON) introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

To amend the Internal Revenue Code of 1986 to provide for an exclusion for assistance provided to participants in certain veterinary student loan repayment or forgiveness programs.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the `Veterinary Medicine Loan Repayment Program Enhancement Act'.

SEC. 2. EXCLUSION FOR ASSISTANCE PROVIDED TO PARTICIPANTS IN CERTAIN VETERINARY STUDENT LOAN REPAYMENT OR FORGIVENESS PROGRAMS.

    (a) In General- Paragraph (4) of section 108(f) of the Internal Revenue Code of 1986 is amended--

      (1) by striking `or' after `such Act,',

      (2) by striking `such State).' and inserting `such State), under section 1415A of the National Agricultural Research, Extension, and Teaching Policy Act of 1977 (7 U.S.C. 3151a), or under any other State loan repayment or loan forgiveness program that is intended to provide for increased access to veterinary services in such State.', and

      (3) by striking `STATE' in the heading and inserting `OTHER'.

    (b) Effective Date- The amendments made by this section shall apply to amounts received by an individual in taxable years beginning after December 31, 2010.

END