Bill Text: NY S08070 | 2023-2024 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2024-03-22 - SIGNED CHAP.109 [S08070 Detail]

Download: New_York-2023-S08070-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8070

                    IN SENATE

                                     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:

     1    Section  1.  Paragraph  47 of subsection (c) of section 612 of the tax
     2  law, as added by a chapter of the laws of 2023,  amending  the  tax  law
     3  relating  to  excluding  certain  student  loan discharge or forgiveness
     4  amounts from state income tax, as proposed in legislative bills  numbers
     5  S. 143 and A.  4421, is amended to read as follows:
     6    (47)  [The] For taxable years beginning on or after January first, two
     7  thousand twenty-three, the amount of  any  student  loan  discharged  or
     8  forgiven  by  the  secretary  of  education  pursuant  to [authorization
     9  provided by 20 U.S.C. § 1098aa, 1098bb, 1098cc, 1098dd or  1098ee  shall
    10  not be considered taxable income for the purpose of calculating New York
    11  adjusted  gross income, irrespective of whether it is considered taxable
    12  income  for  federal  income  tax  purposes]  any  federally  authorized
    13  program, to the extent included in federal adjusted gross income.
    14    §  2.  This  act  shall  take  effect on the same date and in the same
    15  manner as a chapter of the laws of 2023, amending the tax  law  relating
    16  to  excluding certain student loan discharge or forgiveness amounts from
    17  state income tax, as proposed in legislative bills numbers S. 143 and A.
    18  4421, takes effect.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01849-02-4