H.R. 5044 or the “Andrew P. Carpenter Tax Act” was introduced during the 112th congress (2011-2012) in the House of Representatives.
Sponsor – Rep. Scott DesJarlais (R-TN,District 4)
Cosponsors – 23 (21 Republicans, 2 Democrats)
Status – Passed the House (400-0), Referred to committee in Senate
What it Says…
“A Bill to amend the Internal Revenue Code of 1986 to exclude from gross income any discharge of indebtedness income on education loans of deceased veterans.”
This short, four page bill would amend the Tax Code to remove the debt of student loans paid to military members who die as a result of active duty. It would also prevent the loan of the deceased person from transferring over to co-signer of the loan if there is one.
If H.R. 5044 becomes law, the student loans of military members who die as a result of their service will be forgiven to all parties involved.