S. 4119 — Student Loan Marriage Penalty Elimination Act of 2026

This section revises the student loan interest deduction to limit deductible interest to $2,500 per taxpayer for indebtedness incurred by an individual (previously, $2,500 per tax return). (Thus, married couples filing jointly may deduct up to $5,000 if both spouses have qualifying interest, subject to income phaseouts.) The changes include conforming amendments to the subsection heading ("Dollar limitations") and a new denial of double benefit provision, and apply to taxable years beginning after December 31, 2026.