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NY A10698

Bill

Official Source

Status

Introduced

9/9/2022

Primary Sponsor

Karines Reyes

Click for details

Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Excludes student loan discharge or forgiveness amounts authorized under 20 U.S.C. § 1098aa, 1098bb, 1098cc, 1098dd, or 1098ee from New York State taxable income
  • Applies to any student loans discharged or forgiven by the Secretary of Education under the specified federal authorizations
  • Exempts these amounts from New York adjusted gross income calculations regardless of federal tax treatment
  • Takes effect immediately and applies to the taxable year of enactment and all subsequent taxable years

Legislative Description

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.

Last Action

print number 10698a

9/16/2022

Committee Referrals

Ways and Means9/9/2022

Full Bill Text

No bill text available