| Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Sep 16, 2022 | print number 10698a |
| Sep 16, 2022 | amend (t) and recommit to ways and means |
| Sep 09, 2022 | referred to ways and means |
Archive: Last Bill Status - In Assembly Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
Bill Amendments
Co-Sponsors
Anna Kelles
Catalina Cruz
A10698 - Details
A10698 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
10698
I N A S S E M B L Y
September 9, 2022
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Reyes) --
read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to including certain student
loan forgiveness amounts as a reduction of federal adjusted gross
income
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. This act shall be known and may be cited as the "Tax-free
debt forgiveness act".
§ 2. Subparagraph (A) of paragraph 42 of subsection (c) of section 612
of the tax law, as added by chapter 456 of the laws of 2017, is amended
to read as follows:
(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; OR
(IV) ANY AMOUNT DISCHARGED OR FORGIVEN BY THE SECRETARY OF EDUCATION
PURSUANT TO AUTHORIZATION PROVIDED BY 20 U.S.C. § 1098AA, 1098BB,
1098CC, 1098DD OR 1098EE.
§ 3. 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.
LBD16288-02-2
Co-Sponsors
Anna Kelles
Catalina Cruz
A10698A (ACTIVE) - Details
A10698A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
10698--A
I N A S S E M B L Y
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:
Section 1. This act shall be known and may be cited as the "Tax-free
debt forgiveness act".
§ 2. Subsection (c) of section 612 of the tax law is amended by adding
a new paragraph 47 to read as follows:
(47) THE AMOUNT OF ANY STUDENT LOAN DISCHARGED OR FORGIVEN BY THE
SECRETARY OF EDUCATION PURSUANT TO AUTHORIZATION PROVIDED BY 20 U.S.C. §
1098AA, 1098BB, 1098CC, 1098DD OR 1098EE SHALL NOT BE CONSIDERED TAXABLE
INCOME FOR THE PURPOSE OF CALCULATING NEW YORK ADJUSTED GROSS INCOME,
IRRESPECTIVE OF WHETHER IT IS CONSIDERED TAXABLE INCOME FOR FEDERAL
INCOME TAX PURPOSES.
§ 3. 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.
LBD16288-04-2