; and (2) second, as income on the contract which is includible in gross income. III Qualified education loan 301. Qualified education loan (a) In general Section 221(d)(1) of the Internal Revenue Code of 1986 is amended by adding at the end the following: Such term includes any income share agreement (as defined in section 2 of the Investing in Student Success Act of 2017 ), except that payments made by the taxpayer during the taxable year to meet an income share agreement obligation shall not be taken into account under subsection (a) . (b) Information reporting not required Section 6050S(e) of such Code is amended by inserting (without regard to the last sentence thereof) after section 221(d)(1) . IV Federal Individual Assistance Treatment of Income Share Agreements 401. Amounts received not treated as income in calculation of financial need under the Higher Education Act of 1965 No portion of any amounts received by an individual for entering into an income share agreement shall be included as income or assets in the computation of expected family contribution for any program funded in whole or in part under the Higher Education Act of 1965 ( 20 U.S.C. 1001 et seq.). V Investment Company treatment 501. Businesses making income share agreements excluded from investment company treatment Section 3(c) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c) ) is amended— (1) in paragraph (4), by inserting income share agreements (as defined in section 2 of the Investing in Student Success Act of 2017 ), after industrial banking, ; and (2) in paragraph (5), by inserting , including income share agreements (as defined in section 2 of the Investing in Student Success Act of 2017 ) after services each place that term appears.