Home > 106th Congressional Bills > S. 2877 (rfh) To authorize the Secretary of the Interior to conduct feasibility studies on water optimization in the Burnt River basin, Malheur River basin, Owyhee River basin, and Powder River basin, Oregon. [Referred in House] ...S. 2877 (rfh) To authorize the Secretary of the Interior to conduct feasibility studies on water optimization in the Burnt River basin, Malheur River basin, Owyhee River basin, and Powder River basin, Oregon. [Referred in House] ...
108th CONGRESS
2d Session
S. 2877
To reduce the special allowance for loans from the proceeds of tax
exempt issues, and to provide additional loan forgiveness for teachers
who teach mathematics, science, or special education.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 30, 2004
Mr. Gregg (for himself, Mr. Bond, and Mr. Graham of South Carolina)
introduced the following bill; which was read twice and referred to the
Committee on Health, Education, Labor, and Pensions
_______________________________________________________________________
A BILL
To reduce the special allowance for loans from the proceeds of tax
exempt issues, and to provide additional loan forgiveness for teachers
who teach mathematics, science, or special education.
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 ``Taxpayer-Teacher Protection Act of
2004''.
SEC. 2. REDUCTION OF THE SPECIAL ALLOWANCE FOR LOANS FROM THE PROCEEDS
OF TAX EXEMPT ISSUES.
Section 438(b)(2)(B) of the Higher Education Act of 1965 (20 U.S.C.
1087-1(b)(2)(B)) is amended--
(1) in clause (i), by striking ``this division'' and
inserting ``this clause'';
(2) in clause (ii), by striking ``division (i) of this
subparagraph'' and inserting ``clause (i) of this
subparagraph'';
(3) in clause (iv), by inserting ``or refunded on or after
October 1, 2004 and before October 1, 2005,'' after ``October
1, 1993,''; and
(4) by adding at the end the following new clause:
``(v) Notwithstanding clauses (i) and (ii),
the quarterly rate of the special allowance
shall be the rate determined under subparagraph
(A), (E), (F), (G), (H), or (I) of this
paragraph, or paragraph (4), as the case may
be, for a holder of loans that--
``(I) were made or purchased with
funds--
``(aa) obtained from the
issuance of obligations the
income from which is excluded
from gross income under the
Internal Revenue Code of 1986
and which obligations were
originally issued before
October 1, 1993; or
``(bb) obtained from
collections or default
reimbursements on, or interests
or other income pertaining to,
eligible loans made or
purchased with funds described
in division (aa), or from
income on the investment of
such funds; and
``(II) were--
``(aa) financed by such an
obligation that has matured, or
been retired or defeased;
``(bb) refinanced on or
after October 1, 2004 and
before October 1, 2005, with
funds obtained from a source
other than funds described in
subclause (I) of this clause;
or
``(cc) sold or transferred
to any other holder on or after
October 1, 2004 and before
October 1, 2005.''.
SEC. 3. LOAN FORGIVENESS FOR TEACHERS.
(a) Implementing Highly Qualified Teacher Requirements.--
(1) Amendments.--
(A) FFEL loans.--Section 428J(b)(1) of the Higher
Education Act of 1965 (20 U.S.C. 1078-10(b)(1)) is
amended--
(i) in subparagraph (A), by inserting
``and'' after the semicolon; and
(ii) by striking subparagraphs (B) and (C)
and inserting the following:
``(B) if employed as an elementary school or
secondary school teacher, is highly qualified as
defined in section 9101 of the Elementary Secondary
Education Act of 1965; and''.
(B) Direct loans.--Section 460(b)(1)(A) of the
Higher Education Act of 1965 (20 U.S.C. 1087j(b)(1)(A))
is amended--
(i) in clause (i), by inserting ``and''
after the semicolon; and
(ii) by striking clauses (ii) and (iii) and
inserting the following:
``(ii) if employed as an elementary school
or secondary school teacher, is highly
qualified as defined in section 9101 of the
Elementary and Secondary Education Act of 1965;
and''.
(2) Transition rule.--
(A) Rule.--The amendments made by paragraph (1) of
this subsection to sections 428J(b)(1) and 460(b)(1)(A)
of the Higher Education Act of 1965 shall not be
applied to disqualify any individual who, before the
date of enactment of this Act, commenced service that
met and continues to meet the requirements of such
sections as such sections were in effect on the day
before the date of enactment of this Act.
(B) Rule not applicable to increased qualified loan
amounts.--Subparagraph (A) of this paragraph shall not
apply for purposes of obtaining increased qualified
loan amounts under sections 428J(c)(3) and 460(c)(3) of
the Higher Education Act of 1965 as added by subsection
(b) of this section.
(b) Additional Amounts Eligible to Be Repaid.--
(1) FFEL loans.--Section 428J(c) of the Higher Education
Act of 1965 (20 U.S.C. 1078-10(c)) is amended by adding at the
end the following:
``(3) Additional amounts for teachers in mathematics,
science, or special education.--Notwithstanding the amount
specified in paragraph (1), the aggregate amount that the
Secretary shall repay under this section shall be not more than
$17,500 in the case of--
``(A) a secondary school teacher--
``(i) who meets the requirements of
subsection (b); and
``(ii) whose qualifying employment for
purposes of such subsection is teaching
mathematics or science on a full-time basis;
and
``(B) an elementary school or secondary school
teacher--
``(i) who meets the requirements of
subsection (b);
``(ii) whose qualifying employment for
purposes of such subsection is as a special
education teacher whose primary responsibility
is to provide special education to children
with disabilities (as those terms are defined
in section 602 of the Individuals with
Disabilities Education Act); and
``(iii) who, as certified by the chief
administrative officer of the public or non-
profit private elementary school or secondary
school in which the borrower is employed, is
teaching children with disabilities that
corresponds with the borrower's special
education training and has demonstrated
knowledge and teaching skills in the content
areas of the elementary school or secondary
school curriculum that the borrower is
teaching.''.
(2) Direct loans.--Section 460(c) of the Higher Education
Act of 1965 (20 U.S.C. 1087j(c)) is amended by adding at the
end the following:
``(3) Additional amounts for teachers in mathematics,
science, or special education.--Notwithstanding the amount
specified in paragraph (1), the aggregate amount that the
Secretary shall cancel under this section shall be not more
than $17,500 in the case of--
``(A) a secondary school teacher--
``(i) who meets the requirements of
subsection (b)(1); and
``(ii) whose qualifying employment for
purposes of such subsection is teaching
mathematics or science on a full-time basis;
and
``(B) an elementary school or secondary school
teacher--
``(i) who meets the requirements of
subsection (b)(1);
``(ii) whose qualifying employment for
purposes of such subsection is as a special
education teacher whose primary responsibility
is to provide special education to children
with disabilities (as those terms are defined
in section 602 of the Individuals with
Disabilities Education Act); and
``(iii) who, as certified by the chief
administrative officer of the public or non-
profit private elementary school or secondary
school in which the borrower is employed, is
teaching children with disabilities that
corresponds with the borrower's special
education training and has demonstrated
knowledge and teaching skills in the content
areas of the elementary school or secondary
school curriculum that the borrower is
teaching.''.
(3) Effective date.--The amendments made by this subsection
shall apply only with respect to eligible individuals who are
new borrowers on or after October 1, 1998, and before October
1, 2005.
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