I
112th CONGRESS
2d Session
H. R. 5812
IN THE HOUSE OF REPRESENTATIVES
May 17, 2012
Mr. DeFazio introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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
A BILL
To amend the Higher Education Act of 1965 to extend the reduced interest rate for Federal Direct Stafford Loans.
Short title
This Act may be cited as the
Investing in Our Student's Future
Act
.
Interest rate extension
Subparagraph (D) of section 455(b)(7) of the Higher Education Act of 1965 (20 U.S.C. 1087e(b)(7)) is amended—
in the matter preceding clause (i), by
striking and before July 1, 2012,
; and
in clause (v), by striking and
before July 1, 2012,
.
One-percent increase in highest marginal rate of tax for individuals
Section 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
One-Percent increase in highest marginal rate
In the case of taxable years beginning in a calendar year after 2012, the highest marginal rate of tax in effect under subsections (a), (b), (c), and (d) for the taxable year shall be increased by 1 percentage point.
.