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New York State Assembly

Speaker Carl E. Heastie
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A04421 Summary:

BILL NOA04421
 
SAME ASSAME AS S00143
 
SPONSORReyes
 
COSPNSRKelles, Epstein, Cruz, Raga, Dickens, Lupardo, Zebrowski, Zaccaro, Hunter, Rosenthal L, Septimo, Simone
 
MLTSPNSR
 
Amd §612, Tax L
 
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.
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A04421 Actions:

BILL NOA04421
 
02/14/2023referred to ways and means
06/01/2023reported referred to rules
06/08/2023reported
06/08/2023rules report cal.756
06/08/2023ordered to third reading rules cal.756
06/09/2023substituted by s143
 S00143 AMEND= GIANARIS
 01/04/2023REFERRED TO BUDGET AND REVENUE
 02/14/2023REPORTED AND COMMITTED TO FINANCE
 03/21/20231ST REPORT CAL.536
 03/22/20232ND REPORT CAL.
 03/23/2023ADVANCED TO THIRD READING
 05/22/2023PASSED SENATE
 05/22/2023DELIVERED TO ASSEMBLY
 05/22/2023referred to ways and means
 06/09/2023substituted for a4421
 06/09/2023ordered to third reading rules cal.756
 06/09/2023passed assembly
 06/09/2023returned to senate
 12/12/2023DELIVERED TO GOVERNOR
 12/22/2023SIGNED CHAP.750
 12/22/2023APPROVAL MEMO.72
 01/04/2023REFERRED TO BUDGET AND REVENUE
 02/14/2023REPORTED AND COMMITTED TO FINANCE
 03/21/20231ST REPORT CAL.536
 03/22/20232ND REPORT CAL.
 03/23/2023ADVANCED TO THIRD READING
 05/22/2023PASSED SENATE
 05/22/2023DELIVERED TO ASSEMBLY
 05/22/2023referred to ways and means
 06/09/2023substituted for a4421
 06/09/2023ordered to third reading rules cal.756
 06/09/2023passed assembly
 06/09/2023returned to senate
 12/12/2023DELIVERED TO GOVERNOR
 12/22/2023SIGNED CHAP.750
 12/22/2023APPROVAL MEMO.72
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A04421 Text:




 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4421
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 14, 2023
                                       ___________
 
        Introduced  by  M.  of  A. REYES, KELLES, EPSTEIN, CRUZ -- read once and
          referred to the Committee on Ways and Means
 
        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
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