H.R. 9469

Outcomes-Based Financing (OBF) for Students Act

1 cosponsor

Ritchie Torres

Where it stands

Introduced Jun 25
Committee Now
House of Representatives —
Senate —
Law —

Introduced Jun 25
Committee Now
House of Representatives —
Senate —
Law —

Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, Education and Workforce, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (Jun 25)

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Official summary

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Text of the bill

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Sec. 1. Short title; table of contents

I Tax treatment of OBF products

Sec. 101. Exclusion of income from discharge of indebtedness

Sec. 102. Treatment as interest on education loan

Sec. 103. Amounts treated as educational assistance

(a) In general. Subparagraph (B) of section 127(c)(1) of the Internal Revenue Code of 1986 is amended by striking , and and inserting or of any obligation of the employee pursuant to an OBF product (as defined in section 140(h) of the Truth in Lending Act) used to finance education of the employee, and.

(b) Effective date. The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Sec. 104. Treatment of amounts received by OBF provider

II Disclosures applicable to OBF products

Sec. 201. Disclosures

Sec. 202. Advertising of OBF products

III Consumer protections for OBF products

Sec. 301. Consumer protections

Sec. 302. Treatment under bankruptcy laws

IV Other clarifications to support OBF products

Sec. 401. Consent to continuing release of taxpayer information under OBF products

Sec. 402. Amendments to the higher education Act of 1965

Sec. 403. Supporting outcomes-based underwriting

Sec. 404. Treatment under the Fair Credit Reporting Act