Bill Text: NY A10698 | 2021-2022 | General Assembly | Amended

New York Assembly Bill 10698 (Prior Session Legislation)

Bill Title: 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.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2022-09-16 - print number 10698a [A10698 Detail]

Download: New_York-2021-A10698-Amended.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                        10698--A

                   IN ASSEMBLY

                                    September 9, 2022
                                       ___________

        Introduced  by  COMMITTEE  ON  RULES  --  (at request of M. of A. Reyes,
          Kelles, Cruz) -- read once and referred to the Committee on  Ways  and
          Means  --  committee  discharged,  bill  amended, ordered reprinted as
          amended and recommitted to said committee

        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:

     1    Section 1. This act shall be known and may be cited as  the  "Tax-free
     2  debt forgiveness act".
     3    § 2. Subsection (c) of section 612 of the tax law is amended by adding
     4  a new paragraph 47 to read as follows:
     5    (47)  The  amount  of  any  student loan discharged or forgiven by the
     6  secretary of education pursuant to authorization provided by 20 U.S.C. §
     7  1098aa, 1098bb, 1098cc, 1098dd or 1098ee shall not be considered taxable
     8  income for the purpose of calculating New York  adjusted  gross  income,
     9  irrespective  of  whether  it  is  considered taxable income for federal
    10  income tax purposes.
    11    § 3. This act shall take effect immediately, and shall  apply  to  the
    12  taxable year in which it shall take effect and to all subsequent taxable
    13  years.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16288-04-2