Assembly Bill A6601

Signed By Governor
2017-2018 Legislative Session

Grants a personal income tax deduction for the amount of any student loan that is discharged as the result of the death or permanent and total disability of the borrower

download bill text pdf

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Archive: Last Bill Status Via S4491 - 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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2017-A6601 (ACTIVE) - Details

See Senate Version of this Bill:
S4491
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

2017-A6601 (ACTIVE) - Summary

Grants a personal income tax deduction for the amount of any student loan that is discharged as the result of the death or permanent and total disability of the borrower.

2017-A6601 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6601
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 9, 2017
                                ___________
 
 Introduced by M. of A. KAVANAGH -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN  ACT  to  amend  the tax law, in relation to providing a reduction of
   federal adjusted gross income, for state personal income tax purposes,
   the amount of any student loan discharged as a result of the death  or
   disability of the borrower

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (c) of section 612 of the tax law is amended  by
 adding a new paragraph 42 to read as follows:
   (42) (A) THE AMOUNT OF ANY STUDENT LOAN THAT IS DISCHARGED, WHETHER IN
 WHOLE OR IN PART, IF SUCH DISCHARGE WAS:
   (I)  PURSUANT  TO  SUBSECTION  (A) OR (D) OF SECTION 437 OF THE HIGHER
 EDUCATION ACT OF 1965 OR THE PARALLEL BENEFIT PROVIDED PURSUANT TO  PART
 D OF TITLE IV OF SUCH ACT;
   (II)  PURSUANT  TO SECTION 464(C)(1)(F) OF THE HIGHER EDUCATION ACT OF
 1965; OR
   (III) OTHERWISE DISCHARGED ON ACCOUNT OF THE DEATH OR TOTAL AND PERMA-
 NENT DISABILITY OF THE PERSON  ON  WHOSE  BEHALF  THE  INDEBTEDNESS  WAS
 INCURRED.
   (B) FOR THE PURPOSES OF THIS PARAGRAPH, "STUDENT LOAN" MEANS:
   (I)  A  STUDENT  LOAN  AS DEFINED IN SECTION 108(F)(2) OF THE INTERNAL
 REVENUE CODE OF 1986; OR
   (II) A PRIVATE EDUCATION LOAN, AS DEFINED IN  SECTION  140(7)  OF  THE
 CONSUMER CREDIT PROTECTION ACT.
   §  2.  This  act  shall take effect immediately and shall apply to the
 taxable year in which it takes effect and to subsequent taxable years.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10024-01-7

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