LRB-5307/1
JK:cdc
2023 - 2024 LEGISLATURE
January 31, 2024 - Introduced by Senators Roys,
Smith, Agard, Carpenter, L.
Johnson, Larson, Pfaff, Spreitzer, Wirch and Hesselbein, cosponsored by
Representatives Andraca, Joers, J. Anderson, Baldeh, Bare, Cabrera,
Conley, Considine, Drake, Emerson, Hong, Madison, Moore Omokunde,
Myers, Neubauer, Ratcliff, Shankland, Shelton, Sinicki, Stubbs, Subeck,
Vining, Palmeri and Clancy. Referred to Committee on Universities and
Revenue.
SB984,1,2
1An Act to create 71.98 (10) of the statutes;
relating to: adopting the federal
2student loan forgiveness tax exclusion for state tax purposes.
Analysis by the Legislative Reference Bureau
This bill adopts for state income tax purposes the student loan debt relief tax
exclusion under the federal American Rescue Plan Act of 2021. Under federal law,
the student loan debt relief tax exclusion expires after the 2025 tax year. The bill
extends the exclusion for state tax purposes beyond the 2025 tax year.
Because this bill relates to an exemption from state or local taxes, it may be
referred to the Joint Survey Committee on Tax Exemptions for a report to be printed
as an appendix to the bill.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB984,1
3Section
1. 71.98 (10) of the statutes is created to read:
SB984,2,3
171.98
(10) Student loan forgiveness. For taxable years beginning after
2December 31, 2023, section 9675 of P.L.
117-2, notwithstanding the taxable year
3limitations under section 9675 (a) (5) of P.L.
117-2.
