Today's Law As Amended


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AB-461 Personal income taxes: exclusion: forgiven student loan debt.(2017-2018)



As Amends the Law Today
As Amends the Law on Oct 06, 2017


SECTION 1.

 Section 17132.11 of the Revenue and Taxation Code is amended to read:

17132.11.
 (a) For taxable years beginning on or after January 1, 2014, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1098e of Title 20 of the United States Code relating to income-based repayment. Code. 
(b) For taxable years beginning on or after January 1, 2017, and before January 1, 2022, gross income shall not include any loan amount repaid by the United States Secretary of Education or canceled pursuant to Section 1087e(e) of Title 20 of the United States Code relating to income-contingent repayment. Code. 
SEC. 2.
 This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.