senate Bill S9548A

2021-2022 Legislative Session

Excludes certain student loan discharge or forgiveness amounts from state income tax

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Rules Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 12, 2022 print number 9548a
Sep 12, 2022 amend (t) and recommit to rules
Sep 02, 2022 referred to rules

Co-Sponsors

view additional co-sponsors

S9548 - Details

See Assembly Version of this Bill:
A10698
Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

S9548 - Summary

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.

S9548 - Sponsor Memo

S9548 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9548
 
                             I N  S E N A T E
 
                             September 2, 2022
                                ___________
 
 Introduced  by  Sens. GIANARIS, HOYLMAN, THOMAS, HINCHEY, KAPLAN -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee on Rules
 
 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

view additional co-sponsors

S9548A (ACTIVE) - Details

See Assembly Version of this Bill:
A10698
Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

S9548A (ACTIVE) - Summary

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.

S9548A (ACTIVE) - Sponsor Memo

S9548A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9548--A
 
                             I N  S E N A T E
 
                             September 2, 2022
                                ___________
 
 Introduced  by  Sens.  GIANARIS, HOYLMAN, THOMAS, BAILEY, BRESLIN, BRIS-
   PORT, COONEY,  HINCHEY,  JACKSON,  KAPLAN,  KAVANAGH,  MYRIE,  PARKER,
   RAMOS,  RIVERA,  STAVISKY  -- read twice and ordered printed, and when
   printed to be  committed  to  the  Committee  on  Rules  --  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.
                                                            LBD16288-03-2


Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.