Assembly Bill A4421

Signed By Governor
2023-2024 Legislative Session

Excludes certain student loan discharge or forgiveness amounts from state income tax

download bill text pdf

Sponsored By

Current Bill Status Via S143 - Signed by Governor

  • 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

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2023-A4421 (ACTIVE) - Details

See Senate Version of this Bill:
S143
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2021-2022 Legislative Session:
A10698, S9548

2023-A4421 (ACTIVE) - Summary

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.

2023-A4421 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4421
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             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:
 
   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.
                                                            LBD01849-01-3

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