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NJ SR46

Resolution

Official Source

Status

Introduced

1/13/2026

Primary Sponsor

Britnee Timberlake

Click for details

Origin

Senate

2026-2027 Regular Session

AI Summary

  • New Jersey Senate Resolution urges Congress to amend the federal tax code to exclude all forms of discharged student loans from federal income taxation
  • Currently, some student loan forgiveness is tax-exempt (Teacher Loan Forgiveness, Public Service Loan Forgiveness), while other forms like Income-Driven Repayment Plan forgiveness after 20-25 years remain taxable
  • The tax exemption for student loans discharged due to death or disability is temporary, applying only to discharges between December 31, 2017 and January 1, 2026
  • Resolution calls for making the death/disability discharge exemption permanent and extending tax-free treatment to all student loan forgiveness programs
  • Copies would be sent to New Jersey's Congressional delegation, the Secretary of the Treasury, and the IRS Commissioner

Legislative Description

Urges Congress to amend tax code to exclude all forms of discharged student loans from federal income tax.

Higher Education

Last Action

Introduced in the Senate, Referred to Senate Higher Education Committee

1/13/2026

Committee Referrals

Higher Eduction1/13/2026

Full Bill Text

No bill text available