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S. 1947: Income-Based Repayment Debt Forgiveness Act

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S. 1947: Income-Based Repayment Debt Forgiveness Act

114th Congress · introduced 2015-08-05 · Taxation · Latest: Read twice and referred to the Committee on Finance.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2015-08-05 · official record
  2. Who proposed it: Sen. Merkley, Jeff [D-OR] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. 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.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Income-Based Repayment Debt Forgiveness Act

Plain summary

Income-Based Repayment Debt Forgiveness Act Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, income imputed from the discharge of student loan indebtedness pursuant to a federal program that provides for income contingent or income-based repayment of such loan.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Income-Based Repayment Debt Forgiveness Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

Arguments for (supporters)

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Arguments against (opponents)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Merkley, Jeff [D-OR] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Ron Wyden (D-OR)

Sponsor's campaign money: Sen. Merkley, Jeff [D-OR] reported raising $5.4 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

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.

Sources

Record fed-us-cong114-s1947 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114