NY S09548

Enacts the "Tax-free debt forgiveness act" to exclude certain student loan discharge or forgiveness from New York state income tax calculations

Excludes amounts of student loans discharged or forgiven by the Secretary of Education under 20 U.S.C. § 1098aa, 1098bb, 1098cc, 1098dd, or 1098ee from New York adjusted gross income

Applies the exclusion regardless of whether the discharged loan amounts are considered taxable income for federal income tax purposes

Takes effect immediately and applies to the taxable year of enactment and all subsequent taxable years