AB 668 California Assembly · 2021-2022 Regular Session

Personal income taxes: exclusion: forgiven student loan debt.

Summary

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 specified federal law, relating to repayment plans. Existing federal law, the American Rescue Plan Act of 2021, excludes from gross income for purposes of federal income taxes any amount that would otherwise be includible in gross income by reason of the discharge after December 31, 2020, and before January 1, 2026, of specified student loans. This bill would apply that provision of the American Rescue Plan Act of 2021 to the Personal Income Tax Law. This bill would take effect immediately as a tax levy.

Bill status failed 1 of 4 stages cleared

Introduction

Feb 2021

Committee Review

Floor Vote

Governor

Introduced Feb 12, 2021 Last action Feb 1, 2022

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Feb 1, 2022

Lower · Passed

From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

lower

Mar 26, 2021

Committee

Re-referred to Com. on REV. & TAX.

lower

Mar 25, 2021

Introduced

From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

lower

Mar 25, 2021

Committee

Referred to Com. on REV. & TAX.

lower

Feb 13, 2021

Lower · Passed

From printer. May be heard in committee March 15.

lower

1 primary · 0 co-sponsors