Bill Text: NY A10698 | 2021-2022 | General Assembly | Amended
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 3-0)
Status: (Introduced - Dead) 2022-09-16 - print number 10698a [A10698 Detail]
Download: New_York-2021-A10698-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 10698--A IN ASSEMBLY September 9, 2022 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Reyes, Kelles, Cruz) -- read once and referred to the Committee on Ways and Means -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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. LBD16288-04-2
