S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10682
 
                           I N  A S S E M B L Y
 
                             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:
 
   Section  1. Subsection (c) of section 612 of the tax law is amended by
 adding a new paragraph 47 to read as follows:
   (47) (A) THE AMOUNT OF ANY STUDENT LOAN DEBT  CANCELLED,  FORGIVEN  OR
 OTHERWISE  DISCHARGED, IN WHOLE OR PART, BY THE UNITED STATES DEPARTMENT
 OF EDUCATION PURSUANT TO A FEDERAL STUDENT DEBT RELIEF  PROGRAM  ON  AND
 AFTER  DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-TWO AND BEFORE JANUARY
 FIRST,  TWO  THOUSAND  TWENTY-SIX,  TO  THE  EXTENT  SUCH  CANCELLED  OR
 DISCHARGED DEBT IS NOT INCLUDIBLE IN THE TAXPAYER'S FEDERAL GROSS INCOME
 PURSUANT  TO THE PROVISIONS OF SECTION 108(F)(5) OF THE INTERNAL REVENUE
 CODE, AS AMENDED BY THE FEDERAL "AMERICAN RESCUE PLAN ACT OF 2021" (P.L.
 117-2; 135 STAT. 186).
   (B) FOR THE PURPOSES OF THIS PARAGRAPH, "STUDENT LOAN" SHALL HAVE  THE
 SAME  MEANING AS SUCH TERM IS DEFINED IN SECTION 108(F)(2) OF THE INTER-
 NAL REVENUE CODE.
   § 2. This act shall take effect immediately and  shall  apply  to  the
 taxable year in which it shall take effect and to all subsequent taxable
 years.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD16283-01-2