Senate Bill S4491

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

Sponsored By

Archive: Last Bill Status - 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-S4491 (ACTIVE) - Details

See Assembly Version of this Bill:
A6601
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

2017-S4491 (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-S4491 (ACTIVE) - Sponsor Memo

2017-S4491 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4491
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 16, 2017
                                ___________
 
 Introduced  by  Sen.  FELDER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 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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