S. 2230: Investing in Student Success Act of 2014
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S. 2230: Investing in Student Success Act of 2014
113th Congress · introduced 2014-04-09 · Taxation · Latest: Read twice and referred to the Committee on Finance.
federal
Follow this bill, step by step
- Where it came from: introduced 2014-04-09 · official record
- Who proposed it: Sen. Rubio, Marco [R-FL] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
Investing in Student Success Act of 2014
Plain summary
Investing in Student Success Act of 2014 - Declares that income share agreements that meet this Act's requirements are valid, binding, and enforceable contracts that are not subject to state usury laws or state laws regulating assignments of future income. Defines an "income share agreement" as an agreement between an individual and any other person under which the individual commits to pay a specified percentage of the individual's future income, for a specified period of time, in exchange for payments to or on behalf of such individual for postsecondary education, workforce development, or other purposes. Requires such an agreement to: specify the percentage of future income the individual will be obligated to pay, but it must exempt, at a minimum, the first $10,000 (adjusted annually for inflation) of income each year; specify what will be considered the individual's income; prevent the individual from obligating more than 15% of the individual's future income toward such agreement; specify the maximum period that an individual will be obligated to make payments, not to exceed 360 months (excluding any period during which an individual's income was below the agreement's exempt amount); and specify the terms and conditions for early termination of an individual's payment period. Requires individuals, before entering into such an agreement, to be provided with a document that clearly and simply discloses: (1) the terms of the agreement, (2) that the agreement is not a debt instrument, (3) that such individual may be required to pay more or less than the amount received, and (4) that an individual's obligations under the agreement are not dischargeable in bankruptcy. Prohibits such agreements from being construed as giving the contract holder any rights over an individual's actions. Excludes payments that are made under an income share agreement from the individual's gross income for tax purposes. Amends the Internal Revenue Code to include income share agreements as qualified education loans, but denies the deduction for interest paid on such loans. Prohibits amounts individuals receive for entering into an income share agreement from being included as income or assets in the computation of the expected family contribution for any program funded under the Higher Education Act of 1965. Amends the Investment Company Act of 1940 to exclude any person from being treated as an investment company if substantially all of that person's business is confined to making income share agreements.
Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.
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A “Nay” vote
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PSI Sci description of the legislative step (not an opinion).
What does this mean? (plain words)
Official text
Investing in Student Success Act of 2014
Source: Congressional Research Service summary (Introduced in Senate)
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Sen. Rubio, Marco [R-FL] · 0 cosponsors
Cost estimate: No cost estimate published yet.
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (2)
- Exemption
- A rule that removes certain people, property or activities from a tax or requirement.
- Obligation
- A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in Senate)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-113s2230.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/113/s>
Record fed-us-cong113-s2230 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113