S.4903 - Reigniting Opportunity for Innovators Act116th Congress (2019-2020)
|Sponsor:||Sen. Hassan, Margaret Wood [D-NH] (Introduced 11/17/2020)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 11/17/2020 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.4903 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (11/17/2020)
Reigniting Opportunity for Innovators Act
This bill makes qualified founders and full-time employees of small business start-ups eligible to defer payments on their Federal Direct Loans for up to three years.
If the start-up is located in an economically distressed area, qualified founders and employees are also eligible for loan cancellation of up to $20,000.
The bill also excludes from an individual's gross income, for tax purposes, the amount of such canceled student loan debt.