senate Bill S143

2023-2024 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - On Floor Calendar


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

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Actions

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 23, 2023 advanced to third reading
Mar 22, 2023 2nd report cal.
Mar 21, 2023 1st report cal.536
Feb 14, 2023 reported and committed to finance
Jan 04, 2023 referred to budget and revenue

Votes

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Mar 21, 2023 - Finance committee Vote

S143
20
0
committee
20
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Finance committee vote details

Feb 14, 2023 - Budget and Revenue committee Vote

S143
5
0
committee
5
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Budget and Revenue committee vote details

Budget and Revenue Committee Vote: Feb 14, 2023

aye wr (2)

Co-Sponsors

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S143 (ACTIVE) - Details

See Assembly Version of this Bill:
A4421
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S9548, A10698

S143 (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.

S143 (ACTIVE) - Sponsor Memo

S143 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    143
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced by Sens. GIANARIS, HOYLMAN, THOMAS, ADDABBO, BAILEY, BRESLIN,
   BRISPORT, COONEY, FELDER, HARCKHAM, HINCHEY, JACKSON, KAVANAGH, KRUEG-
   ER,  MYRIE,  PARKER, RAMOS, RIVERA, STAVISKY -- read twice and ordered
   printed, and when printed to be committed to the Committee  on  Budget
   and Revenue
 
 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.
                                                            LBD01849-01-3


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