Bill Text: NY A04421 | 2023-2024 | General Assembly | Introduced
Bill Title: Enacts the "Tax-free debt forgiveness act"; excludes certain student loan forgiveness amounts authorized under 20 U.S.C. Sections 1098aa, 1098bb, 1098cc, 1098dd or 1098ee from state income tax.
Spectrum: Partisan Bill (Democrat 13-0)
Status: (Introduced) 2023-06-09 - substituted by s143 [A04421 Detail]
Download: New_York-2023-A04421-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4421 2023-2024 Regular Sessions IN ASSEMBLY February 14, 2023 ___________ Introduced by M. of A. REYES, KELLES, EPSTEIN, CRUZ -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to excluding certain student loan discharge or forgiveness amounts from state income tax The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. This act shall be known and may be cited as the "Tax-free 2 debt forgiveness act". 3 § 2. Subsection (c) of section 612 of the tax law is amended by adding 4 a new paragraph 47 to read as follows: 5 (47) The amount of any student loan discharged or forgiven by the 6 secretary of education pursuant to authorization provided by 20 U.S.C. § 7 1098aa, 1098bb, 1098cc, 1098dd or 1098ee shall not be considered taxable 8 income for the purpose of calculating New York adjusted gross income, 9 irrespective of whether it is considered taxable income for federal 10 income tax purposes. 11 § 3. This act shall take effect immediately, and shall apply to the 12 taxable year in which it shall take effect and to all subsequent taxable 13 years. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01849-01-3
