Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Sep 12, 2022 |
print number 9548a |
Sep 12, 2022 |
amend (t) and recommit to rules |
Sep 02, 2022 |
referred to rules |
Senate Bill S9548
2021-2022 Legislative Session
Sponsored By
(D, WF) 12th Senate District
Archive: Last Bill Status - In Senate Committee Rules Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Bill Amendments
co-Sponsors
(D, WF) 47th Senate District
(D) 6th Senate District
(D) 36th Senate District
(D, WF) 46th Senate District
2021-S9548 - Details
- See Assembly Version of this Bill:
- A10698
- Current Committee:
- Senate Rules
- Law Section:
- Tax Law
- Laws Affected:
- Amd §612, Tax L
- Versions Introduced in 2023-2024 Legislative Session:
-
S143, A4421
2021-S9548 - Sponsor Memo
BILL NUMBER: S9548 SPONSOR: GIANARIS TITLE OF BILL: An act to amend the tax law, in relation to including certain student loan forgiveness amounts as a reduction of federal adjusted gross income PURPOSE: The purpose of this bill is to subtract from the federal adjusted gross income any federal student loan forgiveness awards authorized by the Secretary of Education. SUMMARY OF PROVISIONS: Section one sets the title. Section two amends subparagraph A of paragraph 42 of subsection (c) of section 612 of the tax law to exclude from taxation the discharge or forgiveness of any federal student loan when authorized by the
2021-S9548 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9548 I N S E N A T E September 2, 2022 ___________ Introduced by Sens. GIANARIS, HOYLMAN, THOMAS, HINCHEY, KAPLAN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to including certain student loan forgiveness amounts as a reduction of federal adjusted gross income THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "Tax-free debt forgiveness act". § 2. Subparagraph (A) of paragraph 42 of subsection (c) of section 612 of the tax law, as added by chapter 456 of the laws of 2017, is amended to read as follows: (A) The amount of any student loan that is discharged, whether in whole or in part, if such discharge was: (i) pursuant to subsection (a) or (d) of section 437 of the Higher Education Act of 1965 or the parallel benefit provided pursuant to part D of title IV of such act; (ii) pursuant to section 464(c)(1)(F) of the Higher Education Act of 1965; [or] (iii) otherwise discharged on account of the death or total and perma- nent disability of the person on whose behalf the indebtedness was incurred; OR (IV) ANY AMOUNT DISCHARGED OR FORGIVEN BY THE SECRETARY OF EDUCATION PURSUANT TO AUTHORIZATION PROVIDED BY 20 U.S.C. § 1098AA, 1098BB, 1098CC, 1098DD OR 1098EE. § 3. This act shall take effect immediately, and shall apply to the taxable year in which it shall take effect and to all subsequent taxable years. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD16288-02-2
co-Sponsors
(D, WF) 47th Senate District
(D) 6th Senate District
(D) 15th Senate District
(D) 36th Senate District
2021-S9548A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10698
- Current Committee:
- Senate Rules
- Law Section:
- Tax Law
- Laws Affected:
- Amd §612, Tax L
- Versions Introduced in 2023-2024 Legislative Session:
-
S143, A4421
2021-S9548A (ACTIVE) - Sponsor Memo
BILL NUMBER: S9548A SPONSOR: GIANARIS TITLE OF BILL: An act to amend the tax law, in relation to excluding certain student loan discharge or forgiveness amounts from state income tax PURPOSE: The purpose of this bill is to subtract from New York adjusted gross income any federal student loan forgiveness awards authorized by the Secretary of Education. SUMMARY OF PROVISIONS: Section one sets the title. Section two amends subsection (c) of section 612 of the tax law by adding a new paragraph 47 to exclude from taxation the discharge or forgiveness of any federal student loan when authorized by the Secretary of Education as authorized by 20 U.S.C. § 1098aa, 1098bb, 1098cc, 1098dd
2021-S9548A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9548--A I N S E N A T E September 2, 2022 ___________ Introduced by Sens. GIANARIS, HOYLMAN, THOMAS, BAILEY, BRESLIN, BRIS- PORT, COONEY, HINCHEY, JACKSON, KAPLAN, KAVANAGH, MYRIE, PARKER, RAMOS, RIVERA, STAVISKY -- read twice and ordered printed, and when printed to be committed to the Committee on Rules -- 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: Section 1. This act shall be known and may be cited as the "Tax-free debt forgiveness act". § 2. Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 47 to read as follows: (47) THE AMOUNT OF ANY STUDENT LOAN DISCHARGED OR FORGIVEN BY THE SECRETARY OF EDUCATION PURSUANT TO AUTHORIZATION PROVIDED BY 20 U.S.C. § 1098AA, 1098BB, 1098CC, 1098DD OR 1098EE SHALL NOT BE CONSIDERED TAXABLE INCOME FOR THE PURPOSE OF CALCULATING NEW YORK ADJUSTED GROSS INCOME, IRRESPECTIVE OF WHETHER IT IS CONSIDERED TAXABLE INCOME FOR FEDERAL INCOME TAX PURPOSES. § 3. This act shall take effect immediately, and shall apply to the taxable year in which it shall take effect and to all subsequent taxable years. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD16288-03-2
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