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,,22An Act to create 71.98 (10) of the statutes; relating to: adopting the federal student loan forgiveness tax exclusion for state tax purposes. SB984,,33Analysis 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.
SB984,,44The people of the state of Wisconsin, represented in senate and assembly, do enact as follows: SB984,15Section 1. 71.98 (10) of the statutes is created to read: SB984,,6671.98 (10) Student loan forgiveness. For taxable years beginning after December 31, 2023, section 9675 of P.L. 117-2, notwithstanding the taxable year limitations under section 9675 (a) (5) of P.L. 117-2.
