Bill Text: NY A10682 | 2021-2022 | General Assembly | Introduced

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Bill Title: Excludes student loan debt cancelled by the federal government for the purposes of calculating New York adjusted gross income for certain taxpayers.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-09-09 - referred to ways and means [A10682 Detail]

Download: New_York-2021-A10682-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10682

                   IN ASSEMBLY

                                    September 9, 2022
                                       ___________

        Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. L. Rosen-
          thal) -- read once and referred to the Committee on Ways and Means

        AN ACT to amend the tax law, in relation to excluding student loan  debt
          cancelled  by  the federal government from the calculation of New York
          adjusted gross income

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. Subsection (c) of section 612 of the tax law is amended by
     2  adding a new paragraph 47 to read as follows:
     3    (47) (A) The amount of any student loan debt  cancelled,  forgiven  or
     4  otherwise  discharged, in whole or part, by the United States department
     5  of education pursuant to a federal student debt relief  program  on  and
     6  after  December thirty-first, two thousand twenty-two and before January
     7  first,  two  thousand  twenty-six,  to  the  extent  such  cancelled  or
     8  discharged debt is not includible in the taxpayer's federal gross income
     9  pursuant  to the provisions of section 108(f)(5) of the Internal Revenue
    10  Code, as amended by the federal "American Rescue Plan Act of 2021" (P.L.
    11  117-2; 135 Stat. 186).
    12    (B) For the purposes of this paragraph, "student loan" shall have  the
    13  same  meaning as such term is defined in section 108(f)(2) of the Inter-
    14  nal Revenue Code.
    15    § 2. This act shall take effect immediately and  shall  apply  to  the
    16  taxable year in which it shall take effect and to all subsequent taxable
    17  years.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16283-01-2