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Sen. B. Evan Bayh
Democrat
Indiana
http://bayh.senate.gov

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Amends the Higher Education Act of 1965 to provide that no interest shall accrue on student loans under the Federal Direct Loan program for individuals and the spouses of individuals who are serving on active duty or performing National Guard duty during a war or other military operation or national emergency. Limits receipt of such benefit to 60 months.
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Welcomes Pope Benedict XVI on the occasion of his first pastoral visit to the United States and recognizes the unique insights his moral and spiritual reflections bring to the world stage.
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Amends the Internal Revenue Code to allow: (1) a first-year tax deduction of 50% of the adjusted basis of qualified reuse and recycling property; and (2) tax-exempt bond financing for recycling facilities. Defines "qualified reuse and recycling property" as property placed in service after December 31, 2006, which has a useful life of at least five years and which is used exclusively to collect, distribute, or recycle certain scrap materials.
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