| 1 | 1 | | LRB-5307/1 |
|---|
| 2 | 2 | | JK:cdc |
|---|
| 3 | 3 | | 2023 - 2024 LEGISLATURE |
|---|
| 4 | 4 | | 2023 SENATE BILL 984 |
|---|
| 5 | 5 | | January 31, 2024 - Introduced by Senators ROYS, SMITH, AGARD, CARPENTER, L. |
|---|
| 6 | 6 | | JOHNSON, LARSON, PFAFF, SPREITZER, WIRCH and HESSELBEIN, cosponsored by |
|---|
| 7 | 7 | | Representatives ANDRACA, JOERS, J. ANDERSON, BALDEH, BARE, CABRERA, |
|---|
| 8 | 8 | | CONLEY, CONSIDINE, DRAKE, EMERSON, HONG, MADISON, MOORE OMOKUNDE, |
|---|
| 9 | 9 | | MYERS, NEUBAUER, RATCLIFF, SHANKLAND, SHELTON, SINICKI, STUBBS, SUBECK, |
|---|
| 10 | 10 | | VINING, PALMERI and CLANCY. Referred to Committee on Universities and |
|---|
| 11 | 11 | | Revenue. |
|---|
| 12 | 12 | | ***AUTHORS SUBJECT TO CHANGE*** |
|---|
| 13 | 13 | | AN ACT to create 71.98 (10) of the statutes; relating to: adopting the federal |
|---|
| 14 | 14 | | student loan forgiveness tax exclusion for state tax purposes. |
|---|
| 15 | 15 | | Analysis by the Legislative Reference Bureau |
|---|
| 16 | 16 | | This bill adopts for state income tax purposes the student loan debt relief tax |
|---|
| 17 | 17 | | exclusion under the federal American Rescue Plan Act of 2021. Under federal law, |
|---|
| 18 | 18 | | the student loan debt relief tax exclusion expires after the 2025 tax year. The bill |
|---|
| 19 | 19 | | extends the exclusion for state tax purposes beyond the 2025 tax year. |
|---|
| 20 | 20 | | Because this bill relates to an exemption from state or local taxes, it may be |
|---|
| 21 | 21 | | referred to the Joint Survey Committee on Tax Exemptions for a report to be printed |
|---|
| 22 | 22 | | as an appendix to the bill. |
|---|
| 23 | 23 | | For further information see the state fiscal estimate, which will be printed as |
|---|
| 24 | 24 | | an appendix to this bill. |
|---|
| 25 | 25 | | The people of the state of Wisconsin, represented in senate and assembly, do |
|---|
| 26 | 26 | | enact as follows: |
|---|
| 27 | 27 | | SECTION 1. 71.98 (10) of the statutes is created to read: |
|---|
| 28 | 28 | | 1 |
|---|
| 29 | 29 | | 2 |
|---|
| 30 | 30 | | 3 - 2 -2023 - 2024 Legislature LRB-5307/1 |
|---|
| 31 | 31 | | JK:cdc |
|---|
| 32 | 32 | | SECTION 1 SENATE BILL 984 |
|---|
| 33 | 33 | | 71.98 (10) STUDENT LOAN FORGIVENESS. For taxable years beginning after |
|---|
| 34 | 34 | | December 31, 2023, section 9675 of P.L. 117-2, notwithstanding the taxable year |
|---|
| 35 | 35 | | limitations under section 9675 (a) (5) of P.L. 117-2. |
|---|
| 36 | 36 | | (END) |
|---|
| 37 | 37 | | 1 |
|---|
| 38 | 38 | | 2 |
|---|
| 39 | 39 | | 3 |
|---|
| 40 | 40 | | 4 |
|---|