Summary: H.R.5044 — 112th Congress (2011-2012)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed House amended (09/19/2012)

Andrew P. Carpenter Tax Act - Amends the Internal Revenue Code to: (1) exclude from the gross income of any cosigner of a student loan of a veteran who died as a result of a service-connected disability any amount attributable to the discharge of the indebtedness on such loan, and (2) subject accounts in the Thrift Savings Fund to a federal tax levy.

Provides that any potential revenue gain from the enactment of this Act shall be deposited in the general fund of the Treasury and shall be used solely for deficit reduction.