Bill Text: CA SB1271 | 2013-2014 | Regular Session | Chaptered

California Senate Bill 1271 (Prior Session Legislation)

Bill Title: Personal Income Tax Law: cancellation of indebtedness: student loan forgiveness.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2014-09-29 - Chaptered by Secretary of State. Chapter 841, Statutes of 2014. [SB1271 Detail]

Download: California-2013-SB1271-Chaptered.html

BILL NUMBER: SB 1271	CHAPTERED
	BILL TEXT

	CHAPTER  841
	FILED WITH SECRETARY OF STATE  SEPTEMBER 29, 2014
	APPROVED BY GOVERNOR  SEPTEMBER 29, 2014
	PASSED THE SENATE  AUGUST 29, 2014
	PASSED THE ASSEMBLY  AUGUST 29, 2014
	AMENDED IN ASSEMBLY  AUGUST 27, 2014
	AMENDED IN ASSEMBLY  AUGUST 22, 2014

INTRODUCED BY   Senator Evans
   (Principal coauthor: Senator Leno)

                        FEBRUARY 21, 2014

   An act to add Section 17132.11 to the Revenue and Taxation Code,
relating to taxation, to take effect immediately, tax levy.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 1271, Evans. Personal Income Tax Law: cancellation of
indebtedness: student loan forgiveness.
   The Personal Income Tax Law provides for various exclusions from
gross income.
   This bill would, for taxable years beginning on or after January
1, 2014, exclude from gross income the amount of student loan
indebtedness repaid or canceled pursuant to a specified federal law.
   This bill would take effect immediately as a tax levy.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 17132.11 is added to the Revenue and Taxation
Code, to read:
   17132.11.  For taxable years beginning on or after January 1,
2014, gross income shall not include any loan amount repaid by the
United States Secretary of Education or canceled pursuant to Section
1098e of Title 20 of the United States Code.
  SEC. 2.  This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.