STATE OF NEW YORK
________________________________________________________________________
8874
IN ASSEMBLY
January 25, 2024
___________
Introduced by M. of A. REYES -- 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 to the
extent such amount is included in federal adjusted gross income
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph 47 of subsection (c) of section 612 of the tax
2 law, as added by a chapter of the laws of 2023, amending the tax law
3 relating to excluding certain student loan discharge or forgiveness
4 amounts from state income tax, as proposed in legislative bills numbers
5 S. 143 and A. 4421, is amended to read as follows:
6 (47) [The] For taxable years beginning on or after January first, two
7 thousand twenty-three, the amount of any student loan discharged or
8 forgiven by the secretary of education pursuant to [authorization
9 provided by 20 U.S.C. § 1098aa, 1098bb, 1098cc, 1098dd or 1098ee shall
10 not be considered taxable income for the purpose of calculating New York
11 adjusted gross income, irrespective of whether it is considered taxable
12 income for federal income tax purposes] any federally authorized
13 program, to the extent included in federal adjusted gross income.
14 § 2. This act shall take effect on the same date and in the same
15 manner as a chapter of the laws of 2023, amending the tax law relating
16 to excluding certain student loan discharge or forgiveness amounts from
17 state income tax, as proposed in legislative bills numbers S. 143 and A.
18 4421, takes effect.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01849-02-4
