HB 6121 Summary

• Adds new deduction for tax years beginning after December 31, 2017, allowing taxpayers to deduct income reported on federal Form 1099-C attributable to cancellation or discharge of student loans under the U.S. Department of Education's total and permanent disability discharge program.

• Makes technical corrections to existing section 30 provisions including updating terminology references to "Armed Forces" and "Consumer Price Index" capitalization and correcting references from "subsection" to "subdivision" where appropriate.

• Clarifies language regarding ABLE savings accounts by changing "both" to "all" to reflect deductions for multiple types of contributions and earnings.

• Maintains existing deduction provisions for military compensation, retirement benefits, education savings accounts, Holocaust victim settlements, and various other income adjustments.