AB 461: Personal income taxes: exclusion: forgiven student loan debt.

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

This bill would, for taxable years beginning on or after January 1, 2017, and before January 1, 2022, revise this exclusion to include student loan indebtedness canceled, pursuant to federal law, that includes other repayment plans.

This bill would take effect immediately as a tax levy.