New York Senate Bill S00143 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 143 2023-2024 Regular Sessions  IN SENATE (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: 1 Section 1. This act shall be known and may be cited as the "Tax-free 2 debt forgiveness act". 3 § 2. Subsection (c) of section 612 of the tax law is amended by adding 4 a new paragraph 47 to read as follows: 5 (47) The amount of any student loan discharged or forgiven by the 6 secretary of education pursuant to authorization provided by 20 U.S.C. § 7 1098aa, 1098bb, 1098cc, 1098dd or 1098ee shall not be considered taxable 8 income for the purpose of calculating New York adjusted gross income, 9 irrespective of whether it is considered taxable income for federal 10 income tax purposes. 11 § 3. This act shall take effect immediately, and shall apply to the 12 taxable year in which it shall take effect and to all subsequent taxable 13 years. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01849-01-3