An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in personal income tax, further providing for classes of income.

This bill amends Pennsylvania's personal income tax code to exclude specific student loan forgiveness amounts from taxation. It directly affects borrowers who receive loan discharge through federally qualified programs and employers providing educational assistance. The legislation defines eligible loans as those issued under federal student assistance laws and limits tax-free forgiveness to programs established by the federal Department of Education. These tax exemptions will apply to taxable years beginning after December 31, 2024.