Senate Bill S8070

Signed By Governor
2023-2024 Legislative Session

Excludes certain student loan discharge or forgiveness amounts from state income tax to the extent such amount is included in federal adjusted gross income

download bill text pdf

Sponsored By

Current Bill Status - 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-S8070 (ACTIVE) - Details

See Assembly Version of this Bill:
A8874
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L (as proposed in S.143 & A.4421)

2023-S8070 (ACTIVE) - Summary

Excludes certain student loan forgiveness amounts authorized under any federal program to the extent included in federal adjusted gross income.

2023-S8070 (ACTIVE) - Sponsor Memo

2023-S8070 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8070
 
                             I N  S E N A T E
 
                              January 5, 2024
                                ___________
 
 Introduced  by Sen. GIANARIS -- 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  excluding  certain  student
   loan  discharge  or  forgiveness  amounts from state income tax to the
   extent such amount is included in federal adjusted gross income

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph  47 of subsection (c) of section 612 of the tax
 law, as added by a chapter of the laws of 2023,  amending  the  tax  law
 relating  to  excluding  certain  student  loan discharge or forgiveness
 amounts from state income tax, as proposed in legislative bills  numbers
 S. 143 and A.  4421, is amended to read as follows:
   (47)  [The] FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO
 THOUSAND TWENTY-THREE, 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]  ANY  FEDERALLY  AUTHORIZED
 PROGRAM, TO THE EXTENT INCLUDED IN FEDERAL ADJUSTED GROSS INCOME.
   §  2.  This  act  shall  take  effect on the same date and in the same
 manner as a chapter of the laws of 2023, amending the tax  law  relating
 to  excluding certain student loan discharge or forgiveness amounts from
 state income tax, as proposed in legislative bills numbers S. 143 and A.
 4421, takes effect.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01849-02-4

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