SB 150: Personal Income Tax Law: exclusion: student loan debt forgiveness.

The Personal Income Tax Law provides for various exclusions from gross income, including an exclusion for the amount of student loan indebtedness repaid or canceled pursuant to a specified federal law.

This bill would exclude from gross income the amount of student loan indebtedness discharged on or after January 1, 2015, and before January 1, 2020, for an eligible individual who is granted a discharge under specified conditions, as provided.

This bill would take effect immediately as a tax levy.