US SB4119

Allows married couples filing jointly to each claim up to $2,500 in student loan interest deductions separately, potentially doubling the household deduction from $2,500 to $5,000

Amends Section 221 of the Internal Revenue Code of 1986 to apply the deduction limitation per individual rather than per tax return

Prohibits claiming the same interest payment under multiple tax code provisions (denial of double benefit)

Effective for taxable years beginning after December 31, 2026

Introduced March 17, 2026 with bipartisan sponsorship: Senators Warnock (D-GA), Lankford (R-OK), Lummis (R-WY), and Bennet (D-CO)