SB0642 Summary

• Allows disabled veterans to deduct income from cancelled or discharged student loans reported on federal Form 1099-C, effective for tax years beginning after December 31, 2017, if the discharge is through the U.S. Department of Education's total and permanent disability discharge program.

• Defines "disabled veteran" as an individual either determined by the U.S. Department of Veterans Affairs to be permanently and totally disabled at the 100% rate, or rated as individually unemployable by the VA.

• Capitalizes references to "Armed Forces," "Security," and "Consumer Price Index" throughout the section for consistency with standard terminology.

• Applies technical corrections to subsection (x) regarding ABLE savings account deductions to clarify that contributions and interest earned are deductible to the extent not already deducted in adjusted gross income.