Personal Income Tax Law: exclusion: federal student loan debt relief plan.

The Personal Income Tax Law, in modified conformity with federal income tax law, generally defines "gross income" as income from whatever source derived, except as specifically excluded, including an exclusion for the amount of student loan indebtedness repaid or canceled pursuant to a specified federal law. This bill would exclude from an individual's gross income, for taxable years beginning on or after January 1, 2023, and before January 1, 2028, any amount of qualified student loan debt, as defined, that is discharged under the federal student loan debt relief plan, as specified. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements. The bill would also include additional information required for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy.